Backbone announced on 14th April 2022 that it had raised US $14 million in seed funding from Nautilus Ventures, 12/12 Ventures, and private investors to validate its technology. As the company grows globally, the funds received will be used to onboard new clients, expand into new areas, and develop the company’s supply mesh technology.
What the founder has to say:
Vic Patel- Founder of Backbone:
“We’re seeking to grow Backbone’s network of certified vendors who can work together to ensure businesses have trusted providers. As the last two years of the epidemic have shown, legacy systems aren’t very effective at predicting or modeling volatility. They’re even worse at reacting to volatility – they overcorrect, causing traffic jams in logistics, manufacturing, and other areas… Backbone is a completely flexible supply chain platform that uses a mesh network strategy to assist firms’ weather volatility and scale by allowing operators to discover and repair problems in real-time.”
The pandemic highlighted the necessity of Backbone technology and underscores the predicted continuous expansion as supply chain challenges continue to arise due to [health crises], unexpected war, climate change, and other factors; there are a lot of legacy items in the supply chain software business that rely on old technologies.”
History of the company:
Patil and Rajesh Chandran co-founded Backbone, a San Francisco-based startup, in 2017. Patil worked as a software engineer at Intuit before joining Heighten, a sales technology business. Chandran is an Oracle and NetSuite veteran who’s launched many AI startups, whereas Chandran is an Oracle and NetSuite veteran who’s started numerous AI startups. After LinkedIn was acquired by heightening in 2017, Patil remained with the company.
Before founding Backbone, Patil and Chandran became investors in multiple supply chain-dependent firms, and it was then that they discovered even minor problems, such as delivery delays, might be costly to recover from. Backbone was created to provide investors more visibility into their investments, but Patil and Chandran realized the platform could be scaled to other businesses.
Backbone intends to start with agriculture, hemp, cosmetics, and pharmaceuticals customers and then expand. It plans to facilitate cannabis transactions between the United States and the United Kingdom. The 65-person company, according to Patil, has over 100 customers and is on course to triple revenue for the second time in two years.
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