Startup plans ‘hyper-growth’ in 2022

Ben Wodecki, Jr. Editor

January 28, 2022

1 Min Read

Startup plans ‘hyper-growth’ in 2022

Verusen, an AI startup developing supply chain software, has raised $25 million in series B funding.

The round was led by Scale Venture Partners and included participation from Glasswing Ventures, Zetta Venture Partners and BMW i Ventures.

The newly secured funds will be used to build out its AI technology in the Indirect MRO (maintenance, repair and operations) and direct materials spaces.

The startup said it also wants to “accelerate its global footprint” and continue its “hyper-growth” in 2022.

“In just one year since our series A funding, Verusen has tripled its customer base,” said Paul Noble, founder and CEO of Verusen.

“By partnering with Scale Venture Partners and with the continued support from our existing investors, we are expanding our offering to apply our technology and experience to direct materials in both the process and discrete manufacturing segments.”

Verusen was founded in 2015 by Noble, formerly of Sherwin-Williams, and Spencer Applegate, an investor at M33 Growth who also founded PainTheory.

The company’s AI-backed supply chain management software learns continually to help companies make better decisions to ensure their supply chain avoids disruption, according to the company.

The startup works across industries including automotive, oil and gas, manufacturing and finance.

Georgia Pacific, ABInBev, Koch and Southern Company are listed among its customers.

“Since partnering with Verusen, we have gained much greater control and transparency of our materials across the different business units and geographies we operate in,” said Johnny Howze, vice president, supply chain management operations, for Southern Company.

About the Author(s)

Ben Wodecki

Jr. Editor

Ben Wodecki is the Jr. Editor of AI Business, covering a wide range of AI content. Ben joined the team in March 2021 as assistant editor and was promoted to Jr. Editor. He has written for The New Statesman, Intellectual Property Magazine, and The Telegraph India, among others. He holds an MSc in Digital Journalism from Middlesex University.

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