We are excited to share that our portfolio company Verusen has announced an $8 million Series A capital raise to build on exceptional growth in 2020. Flyover Capital, along with Forte Ventures led the round which also included BMW i Ventures. Existing investors Glasswing Ventures, Zetta Venture Partners, Kubera Venture Capital and Engage also participated.
Flyover first invested in Verusen in early 2020 based on the dramatic inventory savings the company’s supply chain optimization technology produced with early customers. The technology enables an AI-based self-cleansing and harmonization of disparate supply chain data, while allowing real-time field knowledge input into its machine learning capabilities. The solution provides insights, speed, and scale to value in the reduction of stock/inventory levels, and more importantly the conservation of cash and working capital.
During 2020 Verusen sales grew seven-fold, demonstrating an average of $10 million of verified savings opportunities for its customers within 90 days. The customer roster includes Georgia Pacific, Graphic Packaging, AB InBev, and many other manufacturers around the world. The funds from this round will support the continued growth of customer relationships and further scale the delivery of the company’s technology in 2021.
CEO Paul Noble has built a fantastic team and deftly navigated the challenges presented by COVID-19. We also could not ask for a more committed group of co-investors and we welcome the addition of Forte and BMW i Ventures in this round! For more information, see the company’s announcement here.