Risk management platform startup Supply Wisdom Inc. today launched a new self-service, artificial intelligence-based software-as-a-service model for organizations needing real-time risk monitoring.

The new release has been designed to meet the rising demands of stricter regulations and mounting geopolitical risk at a time when organizations are fast-tracking procurement and onboarding and need risk intelligence and continuous monitoring. With real-time risk intelligence provided through the service, organizations can monitor more than 150 metrics across eight location risk subdomains, which include ratings and event alerts, within a matter of weeks.

“Firms are starting to recognize that geographic concentration is a common risk indicator raised by the Digital Operational Resilience Act and many other recently introduced regulations, yet they lack adequate risk intelligence and the tooling needed to operationalize risk management,” said Supply Wisdom Chief Executive Tom Thimot. “The days of hiring and training scores of staff to compile and aggregate data reporting manually are over.”

Using the new release and its immediate insights, he added, “businesses can respond more quickly to minimize or avoid the potential impact of global threats.”

Supply Wisdom’s full-stack AI-based SaaS platform turns open-source data into risk intelligence and is claimed to be the only software on the market to cover all major risk domains in real-time: financial, cyber, operational, environmental, social and governance frameworks, compliance, Nth party and location-based risk. The platform monitors more than 300 risk indicators continuously and helps risk managers engage new suppliers and enter new markets quickly, according to the company.

The company claims to have seen strong growth, ending 2023 with 33 marquee customers, including 12 Fortune 100 companies and 17 of the Fortune 500 across industries including financial services, telecommunications, health care, transportation, government and technology. Supply Wisdom saw its annual recurring revenue grow 77% in the last year, though it didn’t reveal more specifics.

Supply Wisdom is venture capital-backed, having raised $11.2 million in venture capital funding, according to PitchBook. Investors include Fulcrum Equity Partners LLC, Southeast Investor Group LLC and Florida Funders Inc.

Image: Supply Wisdom