SupplyHive, a Chicago, IL-based provider of Supplier Performance Management (SPM) technology, raised $2m in seed funding.
Backers included Sixty8 Capital, Angeles Investors and Service Provider Capital.
The company intenjds to use the funds to continue to expand operations and its business reach.
Founded by Mike Anguiano and led by President and CEO Lou Sandoval, SupplyHive provides a software plaform designed to help corporations centralize, standardize, scale, and automate the supplier performance process. The company uses the latest innovations of Artificial Intelligence (Al), Machine Learning (ML), and Natural Language Processing (NLP) to analyze the aggregated quantitative and qualitative data.
Major clients include Facebook, MARS Global, McDonald’s Corporation, Abbott, BOX, Eaton and First Energy.