Everstream raises $24 million in Series A round
Increased customer base by 550% to date in 2022, added clients including AB InBev, Shaw Industries and Whirlpool.
Everstream Analytics, the global supply chain insights and risk analytics company, closed a $24 million Series A round.
"With new investor Morgan Stanley Investment Management joining the round, and increased commitment from existing investors Columbia Capital, StepStone Group, and DHL, the financing comes on the heels of a significant acceleration in company growth," according to an official statement.
Everstream increased its customer base by 550 percent to date in 2022, and added clients including AB InBev, KIOXIA, Shaw Industries and Whirlpool, the statement added.
"The past two years have shone a light on the criticality of supply chain resilience," says Julie Gerdeman, CEO, Everstream. "Everstream gives companies visibility and insights to uncover and predict supply chain disruption from weather events and other disasters to human, sustainability, and environmental risks across their entire supply chain.
"With a record number of new customers – and existing clients expanding their use of the platform – this is the ideal time to harness strategic funding to fuel go-to-market expansion across the globe and accelerate product innovation."
Michael Carroll of Morgan Stanley Investment Management added: "Today, more than ever before, a baseline understanding of supply chain risk is critical for any company working with partners and suppliers, but it is not enough. For a company to succeed, it must be able to anticipate disruption and base complex business decisions on reliable, intelligent data. We are pleased to be a part of Everstream's growth strategy as it continues to strengthen its position as a source of supply chain predictive risk analytics."
Everstream recently expanded its predictive analytics platform to provide visibility deep within the supply chain, allowing companies to map, monitor, assess, predict risk and strengthen even the most complex global supply chains, the statement said. "Dubbed Everstream Discover, the solution is powered by proprietary data, AI, and graph technologies. Taking the helm of further product innovation is Nidhi Chopra, Vice President of Product. Chopra brings an extensive background in product strategy and vision and will continue Everstream's path of accelerated innovation."
As part of its increased focus on partners and alliances, Everstream has appointed Andy McGuire as Head of Global Alliances. With existing partners, including SAP, Accenture and Oracle, McGuire will lead the company's efforts to penetrate new market segments and accelerate revenue growth through new strategic partnerships.