SupplyHive, a Chicago, IL-based provider of Supplier Performance Management Technology, closed a $2m seed funding round.
The round was led by Loud Capital with participation from Revolution’s Rise of the Rest Seed Fund and Cleveland Avenue-CAST US.
The company intends to use the funds to expand its sales and marketing efforts and further product development and integrations.
Launched in Chicago in 2018 by Mike Anguiano and led by CEO and President Lou Sandoval, SupplyHive provides a Supplier Performance Management Technology platform designed to help corporations improve efficiency by centralizing, standardize, scale, and automate the supplier performance process. The software uses Artificial Intelligence (AI), Machine Learning (ML), and Natural Language Processing (NLP) to analyze the aggregated quantitative and qualitative data. Its interface helps organizations hold suppliers accountable and deliver enhanced partnerships by measuring KPIs, analyzing trends and identifies disparities, automating action plans, and providing predictive analytics.
In 2020, the company subscribed to such client companies as Facebook, MARS Global, McDonald’s Corporation, Abbott, BOX, Eaton and First Energy.