Inspectorio, a quality control and supplier-compliance verification platform, has announced a $10 million funding round. The company uses network dynamics and leverages machine learning to create autonomous systems for quality and compliance monitoring for factories, vendors, brands and retailers willing to 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 Venture Capital Fund, which is known for its early investments in Uber, Sendgrid, Twilio and DigitalOcean, among others.
The round also involved Ecolab, a global leader in water, hygiene and energy technologies and services that provides clean water, safe food, abundant energy and healthy environments; and Target Corporation, 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, Minnesota was also part of the investment.
Inspectorio is headquartered in Minneapolis and operates through its offices in The United States, Vietnam, China and Belarus, and will open a fifth one 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 members from 11 countries.
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