Everstream Analytics, a company that specializes in predictive insights for physical supply chains, has recently raised $50 million in Series B funding. This was led by Morgan Stanley’s 1GT fund, with participation from StepStone Group and Columbia Capital. Everstream CEO Julie Gerdeman shared with TechCrunch that the influx of capital will be used for product development, hiring and customer success.
The last year has been turbulent for supply chains globally due to the pandemic, increase of raw material costs, energy crisis and other macroeconomic challenges. Supply chain challenges have been an issue of the highest importance for companies. According to Capgemini’s survey, 43% of organizations are planning to boost their investment in supply chains. On a seemingly opposite note, Q3 2022 funding targeted to supply chain startups has seen a significant dip by 56% year over year and 37% in comparison with the second quarter.
Everstream relies on big data to generate strategic risk scores, assessed at the material, supplier and facility location level. Its solutions incorporate data based on supply chain interactions with AI, analytics, existing enterprise resource planning and transportation management systems. Moreover, the company has employed meteorologists to ensure that the weather related risks are pinpointed. The goal is to identify potential drops in demand, maintain supplies of raw materials, realize solvencies in supplier networks and track in-transit shipments fifteen days ahead.
Equipped with an impressive portfolio of clients, such as Google, Abbott, Medtronic, Bayer and AB InBev, Everstream is looking to increase its 200-people workforce by 10 -15% and add depth to their analytics capabilities.
Founded in 2004, Columbia Capital has been backing Everstream for quite some time now and it appears the move has proved to be successful. The company has experienced 30x revenue growth from the initial investment three years ago and managed to double the business in 2021 and 2022.
Julie Gerdeman, the CEO of Everstream, has a long track record of starting, growing and selling software businesses that pioneered cloud, mobile and big data technologies. She is a highly accomplished senior executive who has successfully navigated the markets in US, Europe and APAC regions. Gerdeman has solid experience in working with heavyweights such as IBM, Deloitte and EY.