Inspectorio Raises $50 Million Series B Round to Reinvent the Production Chain with AI-Powered Platform
Funding round led by Insight Partners will be used to reinvent outdated processes and increase transparency in the production chain.
MINNEAPOLIS – January 31, 2022 – Inspectorio, the leading cloud-based AI-powered SaaS solution that helps retailers, brands, suppliers and manufacturers manage risk through digitized quality and compliance programs, announced today that the company has raised $50 Million in a Series B Round led by New York-based global private equity and venture capital firm, Insight Partners. Inspectorio’s other investors include leading venture capital firms Techstars, Flexport, Ecolab and Matchstick Ventures.
The Inspectorio platform helps companies collaborate with their global supply chains to achieve operational excellence. The platform provides quality management software to automate operations and stop issues before they arise; compliance management software to seamlessly manage all components of a company’s sustainability program; and production tracking software to prevent supply chain delays and improve on-time delivery performance. Inspectorio will use the new funding to expand research and development and to grow its development, product and go-to-market teams.
Today, Inspectorio’s technology empowers retailers, brands, vendors and factories to optimize their quality, sustainability and compliance operations by leveraging machine learning to transition from reactive interventions to a proactive, preventative approach to supply chain management. The company has over 7,000 customers, including some of the world’s largest brands and retailers like Target, Crocs and Carter’s.
“Inspectorio is invested in creating end-to-end visibility and insights into the production chain and improving traceability through a one-of-a-kind holistic view into quality, sustainability and production tracking. We’re thrilled to be working with Insight Partners as we continue to grow.”
“By raising and expanding our investments in current and future products, we will expand product capabilities to go further upstream in the production chain. This will result in an increased focus on production tracking and supply chain traceability, which is a critical need for the modern supply chain industry,” says Carlos Moncayo, CEO & Co-Founder of Inspectorio.
“Inspectorio is providing a single source of truth for inspection, quality, certification and data audit along supply chains for brands and retailers,” said Nicole Shimer, Vice President at Insight Partners. “In an industry that’s long needed modernization, Inspectorio’s strong management team, deep industry relationships and technology have made it the clear market leader. We look forward to partnering with them as they continue to grow and scale up.” Shimer will join the Inspectorio board.
With a portfolio that includes Inspectorio Sight, Inspectorio Rise and Inspectorio Tracking, Inspectorio helps digitize quality, compliance and production tracking activities by removing data silos and bringing all activities onto one platform. With powerful automations and actionable insights, it allows real-time data and reporting across all these activities, enabling organizations to have a predictive approach to quality, compliance and production monitoring.
After experiencing the challenges and pitfalls of antiquated and outdated supply chain processes firsthand, Inspectorio’s founders set out to introduce advanced technology and transparency in the retail supply chain. Following a successful Series A financing round in July 2018, the company redefined production chain management into a digital platform that leverages the data on the network to feed their proactive and predictive AI-driven algorithms, allowing companies to identify risk and foster data-driven collaboration across the production chain.
Created by Carlos Moncayo, David Klein, Fernando Moncayo and Luis Moncayo to modernize production chain management, Inspectorio aims to build an interconnected, sustainable and transparent supply chain via a cloud-based SaaS solution. Inspectorio helps brands, retailers, manufacturers and suppliers manage risk through digitized quality and compliance programs and is used by over 7,000+ customers globally, including some of the world’s largest brands and retailers. Headquartered in Minneapolis, MN, Inspectorio has over 200 employees across the United States, Ecuador, China, Vietnam and Belarus.
Key features of Inspectorio’s offerings include digitizing, standardizing and automating quality and compliance activities, optimizing supplier performance management, implementing continuous improvement programs and allocating resources for performance optimization. Inspectorio has three products (Inspectorio Sight, Inspectorio Rise and now Inspectorio Tracking) which connects brands, retailers and suppliers to improve collaboration and drive increased performance. Learn more at inspectorio.com.
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight’s mission is to find, fund and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.