Enterprise supply chain intelligence startup Craft Co. said today it has closed on a $32 million equity financing round led by BAM Elevate, the venture capital arm of Balyasny Asset Management LLC.

The Series B round included participation from a host of other backers, including Greycroft, Uncork Capital, High Alpha, ServiceNow Ventures, Point Field Partners, Okta Inc. co-founder and Executive Vice Chairman Frederic Kerrest, Freshworks Inc. Chief Marketing Officer Stacey Epstein and LaunchDarkly Inc. co-founder and Chief Executive Edith Harbaugh.

San Francisco-based Craft has created a data platform that enables supply chain, procurement and risk managers track and monitor their networks of suppliers. Of course, there are lots of rival supply chain and logistics management platforms around, but Craft says its offering is differentiated by a proprietary data intelligence platform that works by ingesting information from internal customer systems and external sources. This allows it to generate risk and opportunity insights that are made available to users through a simplified, cloud-hosted interface.

Whereas many other business intelligence products require customers to bring their own data, Craft says that it supplies its own, deeply comprehensive data from thousands of different sources, surfacing critical insights on suppliers that companies would struggle to obtain by themselves. It results in a 360-degree view of target suppliers, with more than 500 data types refreshed regularly with machine learning and human validation.

In the last year, Craft reckons to have deepened its integration with supplier’s data to power newer, more advanced capabilities within its Craft Risk Hub, Craft N-Tier Mapping and Craft Alerts features.

Craft says that its customers report an increased focus on issues such as environmental, social and governance criteria, cybersecurity, legal compliance and politics, and that this demands more reliable intelligence on every tier of the enterprise supply network. With the COVID-19 pandemic still fresh in most people’s memories, companies are looking to predict and mitigate potential supply chain issues proactively, to avoid any future disruption. As a result, many customers use Craft to embed continuous monitoring of suppliers into their daily operations, the company said.

No doubt, that explains why Craft was able to grow its revenue by around 100% in 2022, off an undisclosed base, adding new clients from the Fortune 500, along with expanded deals involving its existing customers.

“Enterprises are dealing with increasingly complex, dynamic and fragmented global supply chains, and Craft’s depth and breadth of insight enables customers to mitigate risk and gain control,” said BAM Elevate General Partner Jamie McGurk.

Craft said it will use the funds from today’s round to deepen its go-to-market execution strategy in key verticals, while accelerating its research and development efforts to expand its platform’s capabilities.

“Global enterprises using new data sources, models and methodologies to increase resilience and productivity is a megatrend that continues to accelerate,” said Craft founder and CEO Ilya Levtov. “In today’s volatile and unpredictable macroeconomic environment, the need for advanced visibility and proactive risk management across a wide range of dimensions has never been greater.”

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