Chain.io, a supply-chain-specific, cloud-based integration platform, has completed an $11 million Series A round. The round was co-led by Fontinalis Partners and High Alpha, with participation from Mercury, Grand Ventures, Eve Atlas and Waybury Capital. The financing will allow Chain.io to further expand its network of native integrations to the industry’s leading supply chain technology platforms.
Companies throughout the global supply chain use a variety of different technologies that need to connect and speak the same language to do business. Chain.io’s platform handles these back-end integrations so its customers–including 10 of the 15 world’s largest freight forwarders–can better focus on their core processes. Chain.io’s pre-built adaptors help shippers and freight companies plug their legacy systems into modern API-based SaaS tools to better manage freight visibility, pricing, and compliance risk, saving them millions of dollars in operating costs every year.
“Our team created Chain.io because we saw how much the friction in the global supply chain was costing businesses and how it was impeding innovation,” said Brian Glick, Chain.io’s Founder and CEO. “The past few years have only reinforced the need to work more efficiently and effectively with trading partners and data providers to improve product flow and reduce operating costs. I’m excited that we’ll be able to apply this new funding toward solving the supply chain bottlenecks that are impacting the entire global economy.”
Chain.io will use the funding to continue growing its network, adding more native connectivity to transportation and supply chain platforms, as well as geographic expansion across North America, Europe, and Asia.
“There has been a wave of new supply chain technology coming online to address the $11T logistics market over the last few years,” said Seth Corder, Principal at High Alpha. “Chain.io is uniquely positioned to make these solutions work together so logistics companies can build seamless integrations with customers, vendors, partners, and internal systems. Making efficient use of technology and capital becomes more important as the economy softens.”
“Nearly three-quarters of supply chain functions still rely on spreadsheets, and it’s never been clearer that the global supply chain needs a digital infrastructure that is more interconnected and efficient,” said Chris Stallman, Partner at Fontinalis Partners. “Chain.io’s focus on streamlining integrations enables its customers to free up internal resources to focus on customer service and innovation, while also exposing them to a network of leading technology providers that can transform their businesses.”