NEA Joins $9M Series A for ClearMetal

9/20/17

SAN FRANCISCO, Sept. 20, 2017 (GLOBE NEWSWIRE) -- ClearMetal, a predictive logistics company, announced today that it has secured a $9 million series A funding round to further expand its Platform to empower the future of AI-driven supply chains for manufacturers and retailers.

The Investment is co-led by Prelude Ventures and Eric Schmidt’s Innovation Endeavors, with additional investment from NEA, SAP.iO, PSA unboXed, DCLI and the founder of GT Nexus.

ClearMetal delivers predictive logistics for retailers and manufacturers by using AI to canonicalize supply chain data and deliver end-to-end predictive visibility that drives inventory management, profitability, and differentiated customer service.

“The industry has been ripe for digital applications that can help companies improve how they manage the flow of materials across the supply chain,” said John Santagate, Research Manager, Supply Chain Execution at IDC. “The impact of such visibility not only improves the ability to plan logistics, it also provides the ability to drive downstream supply chain improvements such as reducing inventory levels, driving down safety stock requirements, and improving asset utilization in the warehouse.”

Industry innovators such as global freight forwarder Panalpina have tapped ClearMetal’s artificial intelligence technology to improve operational performance and enhance customer service. Elton Fong from PSA unboXed added, “PSA and ClearMetal share a vision for the future of a truly data intelligent supply chain and ClearMetal’s platform has the potential to revolutionize how we look at logistics flow. Our common aim is to enable supply chain players to offer better service to their customers, which will ultimately benefit the end consumers.”

ClearMetal’s Data Intelligence Platform was developed by top AI engineers from Stanford University, Silicon Valley, and executives from Google, GT Nexus, VF Corporation, Navis, and the broader logistics industry.

“ClearMetal has rapidly established itself as the category leader for predictive logistics by tackling the industry’s core data challenges and operational complexity,” said Gabriel Kra, Managing Director at Prelude Ventures. “Their granular approach to data mining, modeling and simulating presents vast new opportunities for supply chain players to operate smarter, more efficiently and with greater sustainability based on data intelligence.”

The deal comes 18 months after receiving an initial $3 million investment. The funding will enable ClearMetal to further unlock value for its customers and expand its capabilities in the rapidly-growing Predictive Logistics space and beyond.

“The global supply chain is suffering from billions of dollars of inefficiency as a result of not having the data intelligence and predictive visibility it needs,” said Adam Compain, CEO of ClearMetal. “Our customers are eager for predictive logistics and ClearMetal’s platform solves their fundamental data challenge while delivering the digital transformation required to drive profitability in the supply chain.”

About ClearMetal
ClearMetal is a predictive logistics company that uses AI to unlock supply chain efficiency. Developed by top software engineers from Stanford University and Silicon Valley, ClearMetal's Platform uses proprietary machine learning to make sense of supply chain data and provide end-to-end predictive visibility. ClearMetal is based in San Francisco and funded by NEA, Prelude Ventures, Eric Schmidt’s venture firm, SAP.iO, and the founders of GT Nexus and Navis. To learn more, visit www.clearmetal.com.

About Prelude Ventures
Prelude Ventures is a venture capital firm dedicated to advancing the low-carbon economy. The firm invests in exceptional entrepreneurs across a range of sectors including energy & energy storage, transportation, industrial efficiency, food & agriculture, chemicals & materials, advanced manufacturing, and the built environment. Prelude Ventures was founded in 2009 and is based in San Francisco. Learn more at www.preludeventures.com.

About Innovation Endeavors

Innovation Endeavors is an early-stage venture capital firm partnering with startups that apply cutting edge technology to transform large industries. The firm runs a dedicated global team and builds industry networks to create value for its portfolio companies. Innovation Endeavors has offices in Silicon Valley and Tel-Aviv, and is solely backed by Eric Schmidt, the Executive Chairman of Alphabet, Inc.

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