Yahoo! Finance: ClearMetal Announces $31 Million in Total Funding, 400 Percent Revenue Growth and Doubled Workforce

yahoo-clearmetal.png

Supply Chain Logistics Solutions Leader Scales Executive Team and Expands Worldwide

ClearMetal, a leader in Continuous Delivery Experience (CDX) for Supply Chain and Logistics solutions, announced today it has received an additional $15 million in funding in a round led by Palo Alto-based Eclipse Ventures, making the total capital invested in the company to date more than $31 million. The funding enables the further development of ClearMetal’s CDX Platform, which continually learns, adjusts and gets smarter to drive constant improvement in delivery and experience for customers. Additional investors include Prelude Ventures, Innovation Endeavors, NEA, SAP.io, Prologis Ventures, PSA Unboxed, DCLI, and the founders of GT Nexus, Navis, and Uber Freight.

"ClearMetal is leading the development of a truly intelligent supply chain solution in global freight transportation," said Lior Susan, Founding Partner of Eclipse Ventures. "The only way to solve an evolving supply chain is with a continuous methodology, and ClearMetal is the leading company at enabling the world’s largest retailers and manufacturers with differentiated product delivery and customer experience."

Last year was pivotal for ClearMetal, with 400 percent revenue growth year-over-year and the addition of numerous Global 1000 industrial clients and consumer product firms. The company also doubled the size of its workforce during that same time period, drawing employees from such known brands as GT Nexus, Transvoyant, E2Open, Llamasoft, INTTRA, Elementum, Tradeshift and others. ClearMetal also opened expanded company headquarters in San Francisco, hosting an entire floor in the city’s Financial District, and added offices in New York, Chicago, Houston, London and Switzerland. Today ClearMetal has customers located on four continents.

To continue to accelerate the company’s rapid growth and engage with top-tier clients, ClearMetal recently added Craig Lewis, SVP of Global Sales & Marketing (formerly of Wind River and Business Objects SAP) to lead the go-to-market team. Additional recent leadership hires include Steve LaPedis, VP of Marketing (formerly of Wind River and E2Open); Sherrie Orzechowski, VP of Strategic Alliances (formerly of INTTRA by E2Open); and Thomas Kofler, VP of Sales EMEA (formerly of Tradeshift and Amber Road by E2Open).

Most supply chain software uses a static visibility approach to solve a continuously evolving supply chain. This results in hundreds of millions of dollars in losses due to reduced revenue, increased costs and inefficient cash flow. Customer expectations of both delivery and experience have never been higher. The emerging category of CDX focuses on enabling companies to deliver their products on time and continuously improve upon their existing delivery processes — as well as giving customers an "Amazon-like" digital experience in the global freight transportation space. The ClearMetal CDX Platform uses proprietary machine learning with multiple patents pending to cross-reference inputs and enrich supply chain data. This draws out hidden patterns, enabling users to make smart business decisions based on up-to-date, trustworthy information.

"With this infusion of capital and the additions to our leadership team, we are primed to help level the logistics playing field with CDX in 2020. The world needs a CDX platform now more than ever. The global supply chain is suffering from billions of dollars of inefficiency as a result of not having the intelligence needed to handle the scope and complexity of today’s data," said Adam Compain, CEO of ClearMetal. "As pioneers in CDX technology we are situated clearly on the industry’s leader board and look forward to continuing to help some of the world’s top companies drive greater profitability in the supply chain."

About ClearMetal:

ClearMetal, Inc., based in San Francisco CA (USA), is a leader in the Continuous Delivery Experience (CDX), enabling supply chain organizations to optimize logistics and provide their customers with easy access to trusted, live information about their shipments. The ClearMetal CDX Platform uses proprietary machine learning algorithms to break free from static-visibility paradigms and make sense of supply chain data. ClearMetal was founded by top software engineers, data scientists, and operations researchers from Stanford University, Google, and Silicon Valley and is funded by Eclipse Ventures, Prelude Ventures, Innovation Endeavors, NEA, SAP.io, Prologis Ventures, PSA Unboxed, DCLI, and the founders of GT Nexus, Navis, and Uber Freight. For more information visit www.clearmetal.com.

About Eclipse Ventures:

Eclipse Ventures is a technology-focused investment firm specializing in complex operations and full-stack solutions. Founded in 2015 and based in Palo Alto, CA, Eclipse partners with entrepreneurs boldly transforming the essential industries that define and propel economies. To learn more, visit http://eclipse.vc/

View source version on businesswire.com: https://www.businesswire.com/news/home/20200204005556/en/

Contacts

Stephanie Levinson
312-796-0617
Stephanie.levinson@wyecomm.com

Previous
Previous

Fortune: ClearMetal, a San Francisco-based startup, raised $15 million in funding

Next
Next

Venture Capital Journal: ClearMetal Scoops up 15mn