BackboneAI, an intercompany data automation platform, announced its market launch and a $4.7 million seed funding round.
Fika Ventures led the seed round with participation from Boldstart Ventures, Cendana Capital, Dynamo Ventures, GGV Capital, MetaProp, Spider VC, and several notable angel investors.
Launched in 2019 and incubated with Boldstart, BackboneAI builds frictionless data networks through intercompany automation, which is a completely new category of automation.
BackboneAI, an AI platform specifically built for data collection within and between organizations. The company makes supplier and customer data smarter by using artificial intelligence to integrate product data from a wide range of sources, both within and beyond a company. The platform can be configured and deployed within a few weeks, and dramatically improve data team productivity.
Intercompany automation has been a growing need across global Fortune 500 companies, specifically in areas like product data coordination with suppliers including catalog management, coordination of construction materials across vendors and construction companies, global rights management for entertainment companies with affiliates and distributors, coordination of a shipment between different participants, tracking the origin of a product from its source to the end customer, and vendor reputation management in a regulated industry.
BackboneAI is working on supply chain transformation with Genuine Parts Company (GPC), a distribution organization with more than $19 billion in annual revenues, 3600 operations in 14 countries, and approximately 55,000 employees.
“Our mission is to help companies move faster and serve their customers better by automating their intercompany data flows, transforming data teams from cost centers into strategic revenue generators,” said Rob Bailey, CEO and founder, BackboneAI. “Using their existing data infrastructure, our platform enables Fortune 500s to accelerate their supplier and customer processes in weeks and months – instead of years.”
Image Credit: BackboneAI