Mountain View, CA – January 28, 2021… BMW i Ventures announced today an investment in the Series A financing of Verusen, which provides an AI-driven inventory optimization solution to fuel the intelligent, connected supply chain. The funds will be used to support the company’s seven-fold sales growth in 2020, including its global expansion and scaled delivery of its purpose-built AI, machine learning (ML) and neural network technologies to create the self-learning supply chain for customers in more than 25 countries. The round was led by Forté Ventures and Flyover Capital and also included participation from Glasswing Ventures, Zetta Venture Partners, Kubera, and Engage.
“Verusen’s inventory optimization software has proven to save companies tens of millions of dollars in capex costs wasted on poor inventory management each year,” said Kasper Sage, Partner at BMW i Ventures. “There is significant room for improvement for optimizing across the supply chain in the automotive industry, where the number of parts in a single car can be in the tens of thousands. Verusen’s AI-driven approach for inventory optimization brings companies that must handle significant inventory loads one step closer to realizing the ultimate vision of the connected supply chain.”
Verusen’s solution solves the shortcoming of existing inventory optimization solutions by taking a data-centric approach that combines AI-based data cleansing and predictive models for inventory optimization. The ultimate impact of Verusen’s solutions is tens of millions of dollars in capex savings for its customers. Additionally, as Verusen’s system is a one-stop solution for both data cleansing and inventory planning, customers have the added advantage of significantly lower cost than traditional solutions and faster time to rollout.
“As supply chains start on their digital transformations, we help them better understand their disparate and incomplete data and connect it to trusted business outcomes from the very start,” said Paul Noble, Verusen’s founder and CEO. “Verusen AI is purpose-built to deliver trusted material records and verify demand signals which influence one another to drive our proprietary trusted network optimization. This leads to unparalleled scalable inventory and procurement intelligence helping our customers achieve their material truth.”
Verusen has been named as a Top-40 Innovative Technology Company by the Technology Association of Georgia (TAG), and Paul Noble was named as a 2020 “Pro to Know” by Supply & Demand Chain Executive magazine.
About BMW i Ventures
BMW i Ventures, BMW’s EUR 500 million venture capital fund, invests money and resources in startups in the fields of autonomous driving, digital car and automotive cloud, e-mobility, artificial Intelligence and data, industry 4.0, shared and on-demand mobility, customer digital life, and sustainability. The firm has already partnered with innovative companies such as Xometry, Yellowbrick, CelLink, Urgent.ly, PureCycle Technologies, and Tekion. BMW i Ventures invests in all stages from seed and incubation to growth companies.
Verusen is a Supply Chain Intelligence company focused on materials management that uses AI to provide complex global supply chains material truth for data, inventory optimization, and procurement intelligence. The company’s platform harmonizes disparate material data across many ERP instances/systems while providing trusted data across the enterprise to reduce inventory costs and build trust in production uptime. The result is a data foundation you can trust to fuel digital transformation and support related Industry 4.0 initiatives. The company is based in Atlanta at the ATDC. Visit verusen.com for more information, or follow us on Twitter at @Verusen_AI and LinkedIn.
BMW Group In America
BMW of North America, LLC has been present in the United States since 1975. Rolls-Royce Motor Cars NA, LLC began distributing vehicles in 2003. The BMW Group in the United States has grown to include marketing, sales, and financial service organizations for the BMW brand of motor vehicles, including motorcycles, the MINI brand, and Rolls-Royce Motor Cars; Designworks, a strategic design consultancy based in California; technology offices in Silicon Valley and Chicago, and various other operations throughout the country. BMW Manufacturing Co., LLC in South Carolina is the BMW Group global center of competence for BMW X models and manufactures the X3, X4, X5, X6 and X7 Sports Activity Vehicles. The BMW Group sales organization is represented in the U.S. through networks of 349 BMW passenger car and BMW Sports Activity Vehicle centers, 143 BMW motorcycle retailers, 117 MINI passenger car dealers, and 38 Rolls-Royce Motor Car dealers. BMW (US) Holding Corp., the BMW Group’s sales headquarters for North America, is located in Woodcliff Lake, New Jersey.