GV leads investment into supply chain artificial intelligence start-up alongside leading AI, insurtech, and national security investors.
Altana AI has secured $15 million in Series A funding, led by GV (formerly Google Ventures). Floating Point, Ridgeline Partners, and existing investors Amadeus Capital Partners and Schematic Ventures joined the round, which closed in May 2021.
Trade wars, the rise of e-commerce, covid supply chain shocks, and sustainability concerns are driving fundamental changes to supply chain networks and global trade flows. Altana AI is helping enterprises, governments, and logistics providers navigate these changes by connecting them to a shared source of truth on the global supply chain.
The company’s AI platform — the Altana Atlas — connects and learns from billions of data points to create a living, intelligent map of global commerce. Multinational enterprises like Boston Scientific are connecting to the Altana Atlas to map their supply chains beyond their immediate suppliers, build more resilient supplier networks, and manage risk across their global footprint. Government agencies and global logistics providers in the US and abroad are using the Altana Atlas to surface illicit activity and security threats hiding in opaque supply chain networks. To enable compliant trade at the speed of e-commerce, the world’s largest logistics providers and customs agencies are using the Altana Atlas to expedite lawful shipments across borders while filtering out illicit shipments.
“The globalization of the last fifty years was a race to the bottom. It was designed to hide a complex, fragile, and dirty supply chain from all of us,” said Evan Smith, co-founder, and CEO of Altana. “Globalization 2.0 will bring these networks into the light. Through a single source of truth on the global supply chain, we’ll be able to know where our products come from, trust that our shipments will arrive even when disruptions occur, root out bad actors in the seams of global commerce, and include more of society in the benefits of trade and capitalism. We’re thrilled and honored to be able to accelerate this vision with the backing of world-class investors.”
Altana is pioneering a unique federated machine learning approach that enables shared global intelligence without data sharing, unlocking information that was never before available to power artificial intelligence. Karim Faris, General Partner at GV said, “Altana has cracked the code on creating intelligence from data that cannot be brought together directly because of privacy, sovereignty, and intellectual property concerns. In just two-and-a-half years since its founding, Altana is already working with a number of the world’s most important government agencies, logistics providers, and enterprises to transform how they manage global supply chains.”
For more such updates and perspectives around Digital Innovation, IoT, Data Infrastructure, AI & Cybersecurity, go to AI-Techpark.com.
