Startups

Alloy Raises $12 Million To Bring AI To Supply Chain Management

It has been a good week for artificial intelligence companies. This morning, Crunchbase News reported that Beautiful.AI, an AI-powered presentation software, raised an $11 million Series B to end frustration with PowerPoint. Similarly, Alloy announced today that it has closed a $12 Million Series A round for its AI-powered supply chain platform.

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This round brings its total known funding to $15.3 million, according to its press release.

Alloy was co-founded by its CEO Joel Beal with the goal to help companies use data with insights about supply and demand to inform business decisions. Alloy collects data automatically from trading partners and existing platforms to connect “the dots between forecasts, true demand, inventory, and shipments” according to its website. The AI-powered technology collects data by continuously and proactively “crawling,” keeping track of areas to improve efficiency and avoid failures. The service lets supply chain management teams track individual manufacturer status, supply shortages, and inventory.

According to Joel Beal’s blog statement, the company partners with brands like wifi company Eero, health and beauty startup Walker and Company, and others. It will be using its latest funding for product development and team expansion.

Companies like China-based SenseTime use AI to tackle high-tech industries like facial recognition software or self-driving car technology. However, AI-powered insurance platform Lemonade aims to bring automated technology to companies and consumers to demystify and reinvigorate antiquated insurance processes. Overall, AI is finding itself embedded in a number of industries, and investors are happy to fund the trend.

(Click here to view the most well funded global AI companies).

Illustration: Li-Anne Dias