Demand for data in hopes of getting ahead of supply chain risks helped Everstream Analytics close on a $24 million Series A.
The San Marcos, Calif. company’s software is used to provide data and analysis for shippers on everything from offering real-time risk analytics and helping a company’s logistics department make route or capacity decisions, all the way to providing intel for sourcing teams to assess supplier risks.
The round’s investors included Morgan Stanley Investment Management, Columbia Capital, StepStone Group and DHL. The Series A brings Everstream’s total funding to date to $70 million, the company confirmed through a spokesperson.
“The capital raised will propel innovation and further global expansion while we continue to outpace the competition,” Everstream said Thursday in a post announcing the new funding.
Everstream employs a little over 100 workers with plans to double its headcount this year as it continues to expand its product offering, according to the spokesperson.
Among the more recent hires in February was Nidhi Chopra, who joined the company as vice president of product, and head of global alliances Andy McGuire.
Everstream’s seen rapid growth amid continued supply chain challenges that have created uncertainty for companies.
Everstream said its customer roster—which includes Google, Unilever, Bayer, DuPont and Schneider Electric—has increased 550 percent since the start of the year, with the additions of appliance maker Whirlpool, brewer AB InBev and carpet manufacturing firm Shaw Industries among others.
In March the company rolled out Everstream Discover, which uses artificial intelligence, analytics generated in-house and graph technology to mine supply chains for risk across suppliers, warehouse facilities and materials.
Everstream described Discover’s predictive analytics as a way “to provide visibility deep within the supply chain.”
Supply chain challenges have continued to keep venture capital, corporate venture arms and other investors interested in the space, with money pouring into companies, although the pace of investment slowed in the first quarter.
Research firm CB Insights found funding for supply chain and logistics technology companies totaled $9.4 billion in the quarter, down 5 percent compared to the prior quarter. The period, however, still ranked as the third largest historically for quarterly funding totals.
The report also indicated its taking more time for startups to raise their next round, with the time between a Series A and Series B in the quarter rising to 22 months from 15 months in 2018.
CB Insights cited the “global unrest and turbulent public markets” as the factors behind investor caution.
Concerns over the economy continue to mount, with a number of tech companies responding to the uncertainty via either companywide hiring freezes or tightening the reigns on new hires, including Wayfair, Facebook parent Meta Platforms, DoorDash and Uber.