Insight Partners led a USD50m Series B for Inspectorio, a US-based compliance management platform for manufacturing companies with operations in Ecuador, with participation from Matchstick Ventures, Techstars, Flexport and Ecolab.
(Press Release) – 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,” says Carlos Moncayo, CEO of Inspectorio. “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.”
“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.