Leverage aims to break supply chain bottlenecks using AI

Leverage, an artificial intelligence-powered supply chain visibility platform, announced that it raised $5 million in a funding round that includes Las Olas Venture Capital, Great Oaks Venture Capital , investment syndicate Gaingels and entrepreneur Mark Cuban.

Nadav Ullman, co-founder of Leverage, said the funds will be used to rapidly expand software engineering and customer support teams to meet growing demand.

“International trade and strong, sustainable supply chains are the glue that keeps nations around the world connected and working together,” Ullman said in a statement. “At Leverage, we create long-term, sustainable technical solutions to solve these problems on a global scale.”

New York-based Leverage previously raised $2 million in multiple funding rounds since the company was founded in 2018 by Ullman and Andrew Stroup. The company launched its first product in 2020.

“The need to modernize global supply chains is long overdue, and the pandemic has only highlighted its inefficiencies,” Mark Volchek, founding partner of Las Olas Venture Capital, said in a statement. “Leverage has emerged as a key disruptor in the region.”

Leverage’s cloud-based, AI-powered platform was created to help supply chain operators juggle a barrage of PDFs, email attachments, and faxes while keeping a trace of supply chain data, the company said.

The Leverage Platform is a single centralized dashboard allowing users to view the real-time status of any purchase order – including supplier-side shipment updates – as well as demand planning, automation of requests for quotes and receipt of notifications in the event of a disruption.

Ullman and Stroup previously founded the nonprofit COVID-19 N95 Project, which has been used as a source of verification of manufacturers and suppliers of personal protective equipment for frontline workers.

Project N95 eventually became the national clearinghouse and marketplace for approved PPE during the height of shortages in the United States.

“Leading Project N95 to help address the national PPE shortage, we learned first-hand how unstable the global supply chain is due to lack of visibility and effective cross-border collaboration,” Strup said. “Without a modern, technology-driven solution to this problem, we knew the risk of the next global supply chain crisis could be imminent.”

Ullman also founded tech startup Dashride, a cloud-based system that allows car fleets to accept requests, assign drivers, track vehicles and bill passengers on a single platform. In 2018, Dashride was acquired by self-driving vehicle company Cruise GM.

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