Source Intelligence Raises Capital for AI Platform, EU Expansion
California Tech Enterprise Celebrates 10 years as Global Leader for Supply Chain Solutions
Source Intelligence, a global best-performing supply chain compliance solution provider, announced a new round of capital to release an artificial intelligence platform and to help fund expansion into the European Union.
The announcement arrives as Source Intelligence celebrates its 10-year anniversary, highlighting the company’s continued growth and innovation to be the world’s most sought-after resource for supplier and product data collection and industry-leading ESG compliance platform.
In today’s announcement, Source Intelligence CEO Jess Kraus stated that Source Capital Partners, Kayne Capital Partners and a consortium of local banks participated in a fresh Round B of growth capital funds.
“Our AI-driven platform provides a faster, automated document review process benefitting companies seeking confidence, simplification and cost-efficiencies with their supply chain compliance processes,” Kraus said. “Source Intelligence already has the world’s largest supplier database and processes millions of documents and other data on a regular basis. The addition of AI reflects the first-to-market innovation that Source Intelligence has steadily delivered since we opened our doors.”
Source Intelligence’s AI platform interprets and learns from a global database of supplier documents and information to quickly identify and assess a wide spectrum of Environmental, Social and Governance (ESG) concerns. Existing customers, such as Amazon, The Home Depot and European-based Schneider Electric, already have indicated a strong desire for this next wave of technological prowess being delivered by Source Intelligence, Kraus said.
“Source Intelligence has been a valued partner of The Home Depot for the past seven years,” said Todd A. Nash, Director-Responsible Sourcing at The Home Depot. “We wish Source Intelligence a very happy 10th anniversary and look forward to your continued high level of support in the years to come.”
Source Intelligence, which has been the most-used conflict minerals compliance platform globally for the past eight years, already counts many European-based multi-national corporations as customers. Further expansion and growth of the company’s presence within the EU will provide additional service to existing customers and meet demands arriving from prospective ones.