Just short of a year after raising $24 million from backers, including DHL, Everstream Analytics, a company that provides predictive insights for physical supply chains, has secured a fresh round of funding.
Series B Round Led by Morgan Stanley’s 1GT Fund
Everstream today announced that it raised $50 million in a Series B round led by Morgan Stanley’s 1GT Fund, with participation from StepStone Group and Columbia Capital. Julie Gerdeman, Everstream’s CEO, says that the fresh capital will be put toward product development, hiring and customer success efforts.
"Solving supply chain challenges has never been more important, and have never received so much attention from shareholders," Gerdeman told TechCrunch in an email interview. "Everstream has grown revenue 30x from the initial investment made by Columbia Capital three years ago and was successful in doubling the business in both 2021 and 2022."
Growth of Supply Chain Startups
Everstream’s growth is part of a larger trend of supply chain startups that are gaining traction. The market for supply chain technology is expected to reach $30 billion by 2025, up from just $10 billion in 2020.
One reason for this growth is the increasing complexity of global supply chains. With more companies operating globally, the need for real-time visibility and insights into supply chain operations has never been greater.
Everstream’s Solution
Everstream provides a platform that uses machine learning and big data to analyze supply chain data and provide predictive insights. The company’s solution includes features such as:
- Real-time tracking of shipments
- Predictive maintenance for equipment and infrastructure
- Risk assessment and mitigation
- Inventory management and optimization
Customer Base
Everstream has a growing customer base that includes some of the world’s largest brands, including Google, Abbott, Medtronic, Boston Scientific, Bayer, and AB InBev. The company has more than 200 enterprise customers and anticipates "substantial" growth this year.
Hiring Plans
To support its growth plans, Everstream plans to grow its 200-person workforce by 10% to 15% this year, with a particular focus on the data science, sales, product management and customer success and development teams.
Industry Trends
The funding round comes at a time when supply chain startups are gaining traction. Other companies in the space include:
- Travis Perkins, a UK-based company that provides a platform for managing construction projects
- Fulcrum, a US-based company that provides a platform for managing logistics and transportation operations
- Chain.io, a US-based company that provides a platform for managing supply chain data
Conclusion
Everstream Analytics’ $50 million Series B funding round is a significant milestone in the growth of the supply chain startup ecosystem. With its innovative solution and growing customer base, the company is well-positioned to take advantage of the increasing demand for supply chain technology.
Big Data and Supply Chain Management
The use of big data and machine learning in supply chain management is becoming increasingly popular. By analyzing large amounts of data from various sources, companies can gain insights into their supply chains and make more informed decisions.
Everstream’s platform uses big data analytics to analyze supply chain data and provide predictive insights. The company’s solution includes features such as real-time tracking of shipments, predictive maintenance for equipment and infrastructure, risk assessment and mitigation, and inventory management and optimization.
Private and Public Sector Collaboration
The need for private and public sector collaboration to address supply chain challenges has never been more obvious or more pressing," Gerdeman said. "Our customers are made up of some of the world’s largest brands. They require a solution that provides them with a standardized view of risk and disruption across their global supply chain during planning and execution."
Everstream’s platform is designed to meet this need by providing a single, unified view of supply chain operations. The company’s solution includes features such as real-time tracking of shipments, predictive maintenance for equipment and infrastructure, risk assessment and mitigation, and inventory management and optimization.
Customer Base
Everstream has a growing customer base that includes some of the world’s largest brands, including Google, Abbott, Medtronic, Boston Scientific, Bayer, and AB InBev. The company has more than 200 enterprise customers and anticipates "substantial" growth this year.
To support its growth plans, Everstream plans to grow its 200-person workforce by 10% to 15% this year, with a particular focus on the data science, sales, product management and customer success and development teams.