Glasswing Portfolio Company Verusen Secures $25M Series B Funding Round
We are excited to share that our portfolio company Verusen has announced its $25 Million Series B funding round, just a year after its $8M Series A funding. This accomplishment is a testament to the team’s ability to execute and deliver its groundbreaking solution at such a critical time in the supply chain industry.
Founder and CEO Paul Noble and his team have capitalized on the supply chain market dynamics, providing customers in 25 countries with unprecedented AI-powered insights to better manage their inventory and materials. In a turbulent time for global supply chains, Verusen’s platform provides critical visibility and control to its customers. As a result, Verusen experienced 10X growth in 2021 and expects to continue its hypergrowth in 2022.
Dozens of Fortune 500 companies from Georgia Pacific to Southern Company are leveraging Verusen’s technology to speed up the operational reliability of their digitally connected supply chain and ensure the right materials are in the right place, at the right time. Verusen delivers 15–20% working capital savings on average to its Fortune 500 customers, reducing risk and optimizing the materials they use to run their manufacturing operations.
With this fundraise, Verusen will expand its global footprint and reach beyond Indirect MRO (Maintenance, Repair and Operations) inventory and into Direct Materials. Enterprises with discrete or process manufacturing processes will be able to use Verusen to harness the power of advanced AI for actionable insights and decision support across their complex supply and materials networks.
Congratulations to Paul Noble, Brent Stringer, Andrew Vaughan, Christine Barnhart, and the entire Verusen team!
Having been investors since the Seed stage, we are delighted to continue to support the company’s exceptional momentum and welcome Scale Venture Partners to the exciting journey we have been on, along with our friends at Zetta Venture Partners, Flyover Capital, Forte Ventures, BMW i Ventures, and KuberaVC.
Read more about Verusen’s Series B raise here.
