Supply chain traceability provider Circulor has announced it has closed US$14m in Series A funding to accelerate the company’s rapid growth.
Circulor will use the investment to drive ongoing innovation and extend its presence in North America and Asia. The investment highlights Circulor’s success in enabling global businesses, including Volvo Cars, Polestar, BHP, and LG Energy Solutions, to track and manage their supply chains, support responsible sourcing, analyse supply chain emissions, and improve sustainability.
The company provides an enterprise software platform that uses a combination of technologies, including blockchain, business logic and machine learning. Its technology assigns a digital identity to commodities and tracks the supply chain data and embedded carbon at each stage of production, recycling and end-of-life. This provides full visibility across traditionally opaque and complex supply chains, helping companies address ESG objectives.
Circulor has successfully sold its solution to the electric vehicle industry, where it is currently the only proven technology available to automotive manufacturers and suppliers to track materials such as cobalt, mica and lithium. The company is tracing other commodities, including nickel, copper, plastics, and leather, and is deployed in circular economy solutions such as the remanufacturing of automotive parts.
This advanced level of traceability means that customers can promote sustainable and ethical practices in their supply chains and provide better transparency for consumers. It will also enable them and their supply chains to meet upcoming EU Battery Passport regulations, which will require transparency of recycling efficiencies and recovery of EV battery materials and carbon intensity, and the meeting of extended producer responsibility. Circulor is also helping customers to reduce emissions across their entire value chains and to fulfil their emmissions reduction and climate-neutral commitments.
“We are on a mission to make the world’s most complex industrial supply chains more transparent, and help prevent the exploitation of people and our planet,” said Douglas Johnson-Poensgen, CEO of Circulor. “Traceability-as-a-Service is fast becoming a requirement for the world’s leading brands and this funding will help us accelerate our impact and revenue growth.”