US-based supply chain management software developer Paradata is set to close a $10m series A1 round featuring enterprise software supplier SAP’s newly formed SAP.IO fund.
SAP.IO, which was formally launched by SAP last week, joins venture capital firms Richmond Global and PivotNorth, both existing investors, in the round.
Paradata has built a cloud-based platform that applies big data and machine learning technology to the supply chain, meaning manufacturers, distributors and suppliers can get precise information on the costs of components as well as compliance and lead time.
The company said the round is “nearing completion” but has not disclosed how much it has raised so far. It has not revealed details of its earlier financing.
Debbra Rogers, chief executive of Paradata, said: “This new funding, and backing by SAP.IO, will accelerate our rapid growth trajectory.
“We want to be the Google of the supply chain industry – empowering manufacturers to look up any component or part across their entire supply chain ecosystem and quickly find the single source of truth.”