Cork-based Kilver raises $24m to scale up supply chain software in the US

Date:

Cork-based Kilver raises $24m to scale up supply chain software in the US

Cork-based procurement technology firm Kilver has raised $24m (€23m) in a Series B round that takes the company’s funding to $43m (€41.3m).

eLever was founded by former UCC Artificial Intelligence (AI) lecturer Alan Holland. Its technology uses AI to help companies establish and resolve supply chain issues.

The investment was led by UK-based venture capital firm 83 North. Kilver’s Series A investors also participated, including Elephant, Mosaic and Paua, as did Bastian Nomichakar, co-founder of the German-American software firm Celonis.

The company says it has tripled its workforce in the past 18 months and doubled its revenue last year.

“Buying is broken, costs are out of control, capacity is scarce and disruptions are everywhere,” Mr Holland said.

“This dynamic makes it incredibly difficult for buyers and suppliers to stay agile, manage risk, and strike deals. We see a huge opportunity to remove economic and supply chain bottlenecks by making the sourcing process easier, faster and more intelligent.

“Our technology fundamentally transforms what is possible by offering a new approach to intelligent automation and optimization.”

Kilver counts Coca-Cola, Nestle, Samsung and Tesco as customers, adding that the corporate giant uses its technology to identify suppliers, control costs and make sourcing decisions.

It plans to use a massive cash injection into the US, a high-growth market, for its technology. The goal, Kilver says, is to make sourcing automation a frictionless and “no-code” experience.

“When the pandemic shut down global supply chains, enterprises went blind,” said Philippe Chopin, partner at 83North. “As issues persist and show no sign of reliance, the C-Suite is finally recognizing that intelligent automation is a must.”

83North invests in five to six companies per year and supports 14 ‘unicorn’ firms with a value of more than €1bn.

“Keelver provides a robust, proven and powerful customization solution that is very easy to use,” said Brett Fultz, director of global analysis, global procurement and supply chain at Coca-Cola.

“We began by leveraging solutions to help manage one of our most complex categories, global transportation. The technology was so effective that we rapidly expanded its use across our supply chain.”

Nation World News Desk
Nation World News Deskhttps://nationworldnews.com
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.

Share post:

Subscribe

spot_imgspot_img

Popular

More like this
Related

Red Bull Campus Clutch, Valorant World Cup Returns for University Students

red bull campus clutchValorant's global college student tournament, returns...

adjacent talent drain

The labor market bears the heavy burden of an...

Concacaf top scorer in World Cup

less than 60 days before the start Qatar World...