US logistics AI start-up gets $100m for Asia entry
US-based Altana Technologies, an artificial intelligence (AI) and analytics provider for the logistics industry, has raised USD 100m in Series B funding with plans to open a Singapore office in early 2023.
Activate Capital led the round with support from Singapore's Reefknot Investments, a logistics-focused VC firm. OMERS Ventures, Prologis Ventures, Four More Capital, Amadeus Capital Partners, Floating Point, Ridgeline Partners, and GV, formerly Google Ventures, also participated.
Altana CEO Evan Smith said Singapore was a key global business, finance, and logistics hub, offering the perfect conditions for start-ups to scale. The company recently engaged Boon Hui Khoo, former commissioner of the Singapore Police Force and former president of Interpol as a member of its advisory board. Reefknot is expected to support additional hires in the city-state.
“Disruptions to global supply chains resulting from the COVID-19 pandemic, surging geopolitical tensions, inflation, climate shocks, and concerns over forced labour are roiling economies and creating upheaval in financial markets,” Reefknot said in a statement. “These same macro factors are driving adoption of Altana’s platform across the public and private sector.”
Founded in 2018, Altana help public and private organisations with cross-border trade and supply chain operations through a networking and data analytics platform that aims to build trust between counterparties. Users are said to benefit from insights provided on supply chain integrity issues, which allow for better strategic planning and effective responses to disruptions.
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