Orderful nabs $35M to streamline supply chain data management
Orderful Inc., a startup using artificial intelligence to make supply chains more efficient, today announced that it has raised $35 million in funding.
The Series C round was led by Koch Disruptive Technologies with participation from NewRoad Capital. It brings Orderful’s total outside funding to $85 million.
Retailers regularly exchange documents with their suppliers and the shipping companies that deliver those suppliers’ merchandise to stores. Such documents are known as EDI, or electronic data interchange, records. They contain supply chain information such as shipment details and payment terms.
Large retailers often require their suppliers and shipping providers to structure EDI documents in a company-specific format. That standardization reduces data entry errors, but also creates technical challenges. As a result, adding a new manufacturer to a retailer’s supply chain can take weeks. Orderful has developed an AI platform called Mosaic that it says can reduce the onboarding workflow to a few hours or days.
