Silo, a San Francisco-based technology-driven marketplace that uses AI to streamline supply chains for perishable agribusiness, raised $3m in funding.
The round was led by Initialized Capital, with participation from Haystack Ventures, Kevin Mahaffey and Matt Brezina and The Penny Newman Grain Company.
The company intends to use the funds to to hire engineering talent and develop its platform with new financial and logistical tools to be rolled out later this year.
Founded in 2018 by Ashton Braun, CEO, Silo is a technology-driven marketplace that uses AI to streamline supply chains for perishable agribusiness,
It is replacing traditional systems with real-time technology to reduce unnecessary costs and waste, such as loss of products & product rejections and manual processes around data entry, sales & logistics, resulting in a sustainable and profitable supply chain.
By vetting and supporting both buyers and suppliers, Silo creates hundreds of data-driven connections across retailers, wholesalers, food service companies and processors and helps them transact and avoid billions of dollars of loss each year.
Silo’s AI and machine learning technology adapts to existing workflows, automating the entire supply chain from harvest management and QC, to forecasting and negotiation, through logistics and payment.