MINNEAPOLIS, July 10, 2018
Inspectorio, www.inspectorio.com, the quality control and supplier compliance verification platform, has announced a $10 million Series A funding round. The software-as-a-service (SaaS) company creates network dynamics and leverages machine learning to create autonomous systems for quality and compliance monitoring where factories, vendors, brands, and retailers can connect, share data, and drive continuous improvement.
“We are committed to continue consolidating Inspectorio’s position as the world’s leading platform for quality control and compliance monitoring, while generating a positive impact on the global supply chain” said Carlos Moncayo Castillo, co-founder and CEO, “This investment will accelerate the growth and development of our platform. We need to move from slow and isolated supply chains to smart supply networks able to bring quality and compliance to a different level.”
The investment was led by Techstars, which is known for its early investments in Uber, Sendgrid, Twilio, DigitalOcean, among others. “I’ve known the Moncayo brothers for a few years now. They’re the type of entrepreneurs I dream of working with,” said Mark Solon, Managing Partner at Techstars. “They lead by example, aren’t afraid to do the hard work themselves, are maniacally focused on their customer’s experience, and are obsessed with solving a big problem – helping to bring 100% transparency and accountability to the retail industry’s supply chains. They embody the same give-first values we cherish at Techstars, and we’re thrilled to be involved.”
The round also had the participation of two Fortune 500 companies: Ecolab (NYSE ECL), the global leader in water, hygiene and energy technologies and services that provides clean water, safe food, abundant energy and healthy environments; and Target Corporation (NYSE TGT), an upscale discount retailer that provides high-quality, on-trend merchandise at its 1,829 stores and at Target.com. Matchstick Ventures, a tech-focused venture fund based in Minneapolis, was also part of the investment.
Inspectorio, with presence in The United States, Vietnam, China, and Belarus, is opening another office in Europe in the coming weeks. The company was a participant in the 2016 Techstars Retail Accelerator program and has grown its team to more than 120 team members from 11 different countries.
Inspectorio is a quality and compliance platform powered by Artificial Intelligence. Our unique network dynamic increases collaboration and connectivity between key stakeholders (brand, retailers, factories, vendors, and inspectors), developing robust algorithms for automation and improving communication. The platform offers real-time data sharing, predictive-recommended actions, task optimization, risk assessments. This enables organizations committed to high quality and sustainability standards to build a digital ecosystem around their global supply chain, delivering unparalleled efficiency, transparency, and accuracy.
Techstars is the worldwide network that helps entrepreneurs succeed. Techstars founders connect with other entrepreneurs, experts, mentors, alumni, investors, community leaders, and corporations to grow their companies. Techstars operates three divisions: Techstars Startup Programs, Techstars Mentorship-Driven Accelerator Programs, and Techstars Corporate Innovation Partnerships. Techstars accelerator portfolio includes more than 1,300 companies with a market cap of $13.9 Billion. www.techstars.com
Ecolab (ECL) is the global leader in water, hygiene and energy technologies and services that protect people and vital resources. With annual sales of $14 billion and 48,000 associates, Ecolab delivers comprehensive solutions and on-site service to promote safe food, maintain clean environments, optimize water and energy use and improve operational efficiencies for customers in food, healthcare, energy, hospitality and industrial markets in more than 170 countries around the world. For more Ecolab news and information, visit www.ecolab.com.
Minneapolis-based Target Corporation (NYSE: TGT) serves guests at 1,829 stores and at Target.com. Since 1946, Target has given 5 percent of its profit to communities, which today equals millions of dollars a week. For more information, visit Target.com/Pressroom. For a behind-the-scenes look at Target, visit Target.com/abullseyeview or follow @TargetNews on Twitter.
About Matchstick Ventures:
Matchstick Ventures is the most impactful early stage investor in the North of the United States. They invest where innovative ideas, huge markets and, most importantly, diverse founders strike. Matchstick exists to act as a catalyst for their founders, partners, and its startup community. www.matchstickventures.com