Supply Chain Startup Inspectorio Lands $50M Raise
Apple-backed Minneapolis supply chain startup Inspectorio on Monday announced that it has landed $50 million in a Series B raise.
Most of the money came from out of state, but a few Minnesota investors contributed. New York City-based venture capital firm Insight Partners led the round. Locally, St. Paul-based Ecolab and Minneapolis VC firm Matchstick Ventures also participated. The other investors in this round were startup support company Techstars and California-based freight forwarding company Flexport.
The news comes months after Inspectorio joined a new Apple accelerator geared toward Black and brown entrepreneurs.
In an email, an Inspectorio spokesperson said the company will use the funds “to create the world’s first holistic view into quality, compliance, and production tracking.” The company’s current offerings include software that digitizes and automates pen-and-paper reports, such as quality management reports. Last month, Inspectorio began rolling out new tracking software aimed at preventing supply chain delays.
“With the recent launch of Inspectorio Tracking, we are bringing to market a network platform where the supply chain can come together digitally,” the spokesperson said. “Data-driven insights can be used to foster collaboration to produce and deliver goods that meet requirements, are produced responsibly, and are delivered on time. We will continue to develop our software so it continues to bring value to brands, retailers, and manufacturers in the digital era.”
The company’s current customer base includes retail giants Target Corp., Crocs, and Carter’s. In total, Inspectorio said it has more than 7,000 active subscribing customers.
Like scores of other startups popping up around the world, Inspectorio hopes to use artificial intelligence to improve its offerings. “The work we have done so far to digitalize quality, compliance, and order tracking has allowed us to implement machine learning capabilities to create predictive and prescriptive production chain operations which our customers are benefitting from,” the spokesperson said.
Company leaders believe the software has the potential to shake up supply chains for the better. “After experiencing the challenges and pitfalls of antiquated and outdated supply chain processes firsthand, Inspectorio’s founders set out to introduce advanced technology and transparency in the retail supply chain,” the company said in a news release issued Monday.
Apple chose Inspectorio to participate in its inaugural “impact accelerator” in August 2021. In an email, the Inspectorio spokesperson said the company is not able to share details about its experience in the Apple program, other than to say it’s an ongoing collaboration.
Inspectorio was actually founded overseas, but its founders moved operations to Minneapolis after participating in a Target Techstars accelerator here. In early 2020, Inspectorio landed on TCB’s “Tech 20” list of startups to watch.
To date, the company has raised $68 million in total.