Data integration provider Chain.io has raised $5 million in a funding round led by Grand Ventures and Mercury Fund.
Officials for the cloud-based platform said they will use the funds to fill a number of positions in sales, engineering, customer success and more.
“We will be immediately deploying this capital to help expand our world-class supply chain integration network and help our customers develop their digital nervous systems throughout their extended supply chain,” Brian Glick, Chain.io’s founder and CEO, said in a release.
Chain.io’s cloud-based platform helps companies integrate data from various providers — including suppliers, freight forwarders and warehouses — to create logistics solutions across the supply chain, Glick said.
The company’s software has been deployed across the air cargo, trucking and ocean transport industries. Chain.io’s newest integrations include systems such as Cargowise, Blujay, Magaya, Portrix, WebCargo and Terminal 49.
Chain.io’s integration network processes over 100 million data transformations a month, including data from 10 of the 15 largest freight forwarders in the world, according to the company.
“As we’ve all seen over the past year, supply chains are core to both our individual lives and the global economy,” Tim Streit, co-founder and managing partner of Grand Ventures, said in a statement.
Also participating in the latest funding round were Honeywell Ventures and Engage.
Chain.io was founded in 2016 in Philadelphia. The company tripled its revenue and also increased its customers by 50% during 2020, according to a release.
Click for more FreightWaves articles by Noi Mahoney.
More articles by Noi Mahoney
Rural areas the next e-commerce frontier?