Tuesday 24th November – New York, NY – Altana AI, a start-up working with governments, global enterprises, and supply chain solutions providers to de-risk global supply chains, announced today a seed investment of $7 million. The funding round was led by Amadeus Capital Partners, a London-based venture capital firm with a long track record of backing artificial intelligence, risk management, and national security technology companies. Schematic Ventures, AlleyCorp, and the Working Capital – The Supply Chain Investment Fund also participated in the funding.
Anne Glover, CEO and Co-Founder of Amadeus Capital Partners, who will join Altana’s advisory board, said, “Altana is well-positioned at the intersection of major trends that are reshaping politics, national security missions, and the orchestration of global commerce. Altana has gained impressive traction helping governments and enterprises to gain cross-border visibility by creating a single, unified view of supply chain risks across multi-tier supply chain networks.”
Altana AI was founded by leaders in supply chain data science, with founding advisory board members including Alan Bersin (former Commissioner of US Customs and Border Protection), Khoo Boon Hui (former President of Interpol), and other eminent leaders in supply chain risk management, law enforcement, and logistics.
“During and since my time in public service,” said Alan Bersin, Executive Chairman of Altana, “I have long advocated for the sharing of intelligence within and among governments as well as between governments and the private sector, in order to coordinate activity against common threats and to facilitate the lawful flows of global commerce. Illicit trade flows currently amount to an estimated $6 trillion per year, and are growing. The COVID-19 pandemic has made evident the opacity and fragility of the global supply chain. In short, the world is in need of a new paradigm for managing our system of global commerce. Through Altana’s breakthrough privacy- and sovereignty-preserving machine learning platform, it is now possible to illuminate transnational networks and risk-manage global flows as never before, and thereby promote lawful, inclusive, and resilient global commerce.”
Without pooling or transferring their sensitive data, Altana’s customers gain global supply chain visibility and risk intelligence through the Altana Atlas – a shared artificial intelligence model of the global supply chain. Through its federated machine learning architecture – in which the Altana Atlas is delivered to customers’ data, and not the other way around – Altana ensures data privacy and sovereignty, while providing shared global intelligence.
Altana works today with global customs authorities and multinational enterprise customers in North America, Europe, and Asia. Jack Sullivan, the Chief Security and Resiliency Officer of Boston Scientific, noted that, “critical supply chain data is siloed within and across organizations. Until now, it was impossible to gain a view of our supply chain network and associated risks beyond our direct suppliers. Through the Altana Atlas, we are able to see our suppliers’ suppliers – and their suppliers – and get a true picture of our global supply chain risk.”
Nick Kingsbury, Partner, Amadeus Capital Partners, who led the investment said: “We’re excited to back Altana and help to accelerate the development of its shared global platform for managing supply chain risk and building resilience.”
“We’re thrilled and fortunate to have the support of these world-class investors at such an early stage of our development.” said Evan Smith, CEO of Altana. “We have built what we believe to be the world’s most comprehensive digital model of the global supply chain, and these funds will help us to expand that lead, covering more of the world, and more risk, as we advance the shared AI platform used by governments and the private sector to build better global commerce.”
About Altana AI
Altana AI was formed by leaders in supply chain artificial intelligence with a mission to improve global commerce. Altana helps governments, enterprises, and financial institutions build safe, lawful, inclusive, and resilient supply chains. Without pooling sensitive data, Altana’s customers gain global supply chain visibility and shared risk intelligence through the Altana Atlas – a shared artificial intelligence model of the global supply chain.
Learn more at https://altana.ai
