We Raised $50M to Lead the Transformation of the Production Chain
Written by Carlos Moncayo, CEO & Co-Founder of Inspectorio
Yesterday, we announced we raised $50M, led by Insight Partners. I also had the opportunity to speak with Forbes about our journey. Inspectorio’s vision is to lead the transformation of the global production chain into an interconnected, empowered, and sustainable production network, and we are excited to continue this journey alongside our customers and partners.
When we started Inspectorio in 2016, we focused on the digital transformation of quality inspections across global supply chains. However, this was only the beginning of our journey to transform an industry that saw little to no digitalization and process optimization.
Six years later, we work with over 7,000 customers, including three of the largest retailers in the world. They turn to Inspectorio for the automation and optimization of quality, compliance, and order tracking. Inspectorio’s impact is transforming the industry, and this raise will accelerate our investment to provide our customers with end-to-end visibility and insights into the production chain.
Why is now the time to drive the transformation? To answer this question, let’s look at what has happened in recent years.
A new working model for production chains
The COVID-19 pandemic has exposed how vulnerable our supply chains are to the risk of disruption. We took supply chain operations for granted as businesses around the world realized outdated processes, procedures, and legacy technologies could not effectively manage supplier performance in areas such as quality, compliance, order tracking, and others.
Many brands, retailers, and manufacturers were restricted from entering factories and lacked information about the production of their orders.
Customers started demanding more visibility on how the products they use are made. Despite efforts to increase transparency across supply chains, traceability remains difficult, and it becomes harder when a business has hundreds or even thousands of suppliers.
We saw increased demand for technology that allows businesses to retain visibility over their production across the world. With the capital raised in our Series B round, we will continue to serve the needs of our customers and expand the reach of our product suite, which is uniquely positioned to automate and optimize various functions in the production of goods.
With the recent launch of Inspectorio Tracking, we are bringing to market a network platform where the supply chain can come together digitally. Data-driven insights can be used to foster collaboration to produce and deliver goods that meet requirements, are produced responsibly, and are delivered on time. We will continue to develop our software so it continues to bring value to brands, retailers, and manufacturers in the digital era.
The need to connect production chain functions is more critical than ever, and we will use this funding round to serve our customers and the market at the speed they need.
How is Inspectorio going to do this?
Our approach to building the future of production chains
As a Software-as-a-Service (SaaS) platform, we have built a network that has already helped some of the largest brands, retailers, and manufacturers in their journey toward digitization, transparency, and efficiency.
Since day one, we have had a customer-centric approach to building products, and we will continue to do this as we consolidate our offerings and capabilities to digitize, automate, and optimize key functions in the production chain.
Now more than ever, the market is embracing the future of digital operations, and we will continue to invest in research and development to help our customers not only connect their supply chains but achieve greater levels of efficiency and productivity.
Companies have accepted digitization as a must-have, particularly due to the pandemic. Many organizations digitize in silos, but at Inspectorio, we have the objective to help them digitize holistically across production chain functions.
By connecting suppliers, teams, and functions under a single platform, Inspectorio improves performance management in the production chain.
The work we have done so far to digitalize quality, compliance, and order tracking has allowed us to implement machine learning capabilities to create predictive and prescriptive production chain operations which our customers are benefitting from; capabilities we will continue to develop with the raise.
We have seen the positive results in increased efficiency and transparency for our clients. These are benefits that come with embracing tools such as the ones Inspectorio offers, and we plan to expand upstream to bring the same benefits to all production chain operations.
Thank You
Our Series B round is only possible due to our customers, our 220+ employees and our investing partners.
I’m taking this opportunity to personally thank you for believing in our mission, which is to make the production of goods more efficient, transparent and beneficial to people and the planet.
Our success has come from understanding the needs of our market, having a clear roadmap, and embracing the values of excellence, autonomy, courage, and humbleness to build innovative products for our customers.
After working for years in global sourcing alongside Inspectorio’s founding team, we knew we were solving a real pain in the market. We will continue to do so, always putting the needs of our customers first.
