Altana AI gets $7m to take risk out of supply chains

Altana AI, a startup working to “de-risk” global supply chains, has secured seed investment of $7 million.

The funding round was led by Amadeus Capital Partners, the London-based venture capital firm with a track record of backing artificial intelligence, risk management and national security technology companies.

Schematic Ventures, AlleyCorp and Working Capital - The Supply Chain Investment Fund also participated in the funding.

Altana AI was founded by leaders in supply chain data science, with founding advisory board members including Alan Bersin, a former commissioner of US Customs and Border Protection, and Khoo Boon Hui, the former president of Interpol.

Bersin said: “The COVID-19 pandemic has made evident the opacity and fragility of the global supply chain. In short, the world is in need of a new paradigm for managing our system of global commerce.

“Through Altana’s breakthrough privacy and sovereignty-preserving machine learning platform, it is now possible to illuminate transnational networks and risk-manage global flows as never before, and thereby promote lawful, inclusive and resilient global commerce.”

Without pooling or transferring their sensitive data, Altana’s customers gain global supply chain visibility and risk intelligence through the Altana Atlas, a shared artificial intelligence model of the global supply chain.

Through its federated machine learning architecture - in which the Altana Atlas is delivered to customers’ data, and not the other way around - Altana ensures data privacy and sovereignty, while providing shared global intelligence.

Altana works today with global customs authorities and multinational enterprise customers in North America, Europe and Asia.

Anne Glover, chief executive of Amadeus Capital Partners, who will join Altana’s advisory board, said: “Altana is well-positioned at the intersection of major trends that are reshaping politics, national security missions and the orchestration of global commerce.

“Altana has gained impressive traction helping governments and enterprises to gain cross-border visibility by creating a single, unified view of supply chain risks across multi-tier supply chain networks.”

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