Silo secures $32 million funding to aid financial management for food supply chain companies

Date:

Silo, a supply chain startup, has raised $32 million in a Series C funding round led by Koch Disruptive Technologies. The round also saw participation from Andreessen Horowitz, Haystack Capital, Tribe Capital, Collate Capital, and Moore Capital. This latest investment brings Silo’s total funding to $272 million.

Founded by Ashton Braun, Silo aims to solve inefficiencies in the food and agricultural supply chains. Braun observed these inefficiencies during his time as a commodities trader in Singapore, where he saw businesses struggle with communication challenges and the asymmetry between supply and demand. According to Braun, removing friction and risk between businesses is crucial for the growth of the supply chain.

Silo’s platform structures and automates communications data from food and agricultural businesses. The company has expanded its services to include payments products for accounts payable and accounts receivable automation, inventory management, ledger accounting, and financing. Silo uses artificial intelligence (AI) to underwrite, manage product taxonomy, extract documents, and detect fraud in the perishable supply chain. The company’s AI-forward approach has been successful, with hundreds of customers and revenue growth of over 100% since December 2022, reaching tens of millions of dollars.

Despite the cooling venture capital funding environment for supply chain startups, investors have shown confidence in Silo’s strategy. The funds from the Series C round will be used for product development and research and development in logistics and workflow automation. Silo also plans to launch Cash Advance, a loan program for food supply chain businesses, in partnership with First Citizens Bank. This program aims to help small and medium-sized businesses within the perishable supply chain scale their operations and compete with larger players in the industry.

See also  EU Investigating OpenAI's Real Relationship with Microsoft in Antitrust Probe

Silo currently has an 84-person team, and Ashton Braun expects it to grow to around 100 employees by the end of the year. The company is based in San Francisco and aims to bring its holistic solutions to more businesses within the perishable food space.

Overall, Silo’s platform and financing programs provide solutions to the challenges faced by food supply chain companies, aiming to streamline operations and enable growth in a rapidly consolidating industry. With the continued development of its platform and the support of investors, Silo is set to make a significant impact in the supply chain sector.

Frequently Asked Questions (FAQs) Related to the Above News

What is Silo?

Silo is a supply chain startup that aims to solve inefficiencies in the food and agricultural supply chains.

How much funding has Silo raised?

Silo has raised $32 million in a Series C funding round, bringing their total funding to $272 million.

Who led the Series C funding round for Silo?

Koch Disruptive Technologies led the Series C funding round for Silo.

What services does Silo provide?

Silo's platform structures and automates communications data from food and agricultural businesses. They also offer payments products, inventory management, ledger accounting, and financing.

How does Silo utilize artificial intelligence (AI)?

Silo uses AI to underwrite, manage product taxonomy, extract documents, and detect fraud in the perishable supply chain.

What has been Silo's growth since December 2022?

Silo has experienced revenue growth of over 100% and has gained hundreds of customers.

How will Silo use the funds from the Series C round?

The funds will be used for product development, research and development in logistics and workflow automation, and the launch of a loan program for food supply chain businesses.

What is Silo's loan program called?

Silo's loan program is called Cash Advance.

What is the purpose of Silo's loan program?

The loan program aims to help small and medium-sized businesses within the perishable supply chain scale their operations and compete with larger players in the industry.

Where is Silo based?

Silo is based in San Francisco.

How many employees does Silo currently have?

Silo currently has an 84-person team.

What are Silo's future plans?

Silo plans to grow its team to around 100 employees by the end of the year and bring its holistic solutions to more businesses within the perishable food space.

Please note that the FAQs provided on this page are based on the news article published. While we strive to provide accurate and up-to-date information, it is always recommended to consult relevant authorities or professionals before making any decisions or taking action based on the FAQs or the news article.

Advait Gupta
Advait Gupta
Advait is our expert writer and manager for the Artificial Intelligence category. His passion for AI research and its advancements drives him to deliver in-depth articles that explore the frontiers of this rapidly evolving field. Advait's articles delve into the latest breakthroughs, trends, and ethical considerations, keeping readers at the forefront of AI knowledge.

Share post:

Subscribe

Popular

More like this
Related

Nothing’s Earbuds Integrate ChatGPT for Revolutionary AI Features

Discover Nothing's Earbuds with integrated ChatGPT for revolutionary AI features. Experience the future of audio technology now!

US-China Tensions Soar: Blinken’s Crucial Visit Sparks Global Concern

US-China tensions escalate as Blinken's visit sparks global concern. Crucial discussions to address key issues and find common ground.

Bollywood Actor Khan Defamation Allegations Spark Police Investigation

Mumbai police investigate deepfake video scandal involving Bollywood actor Aamir Khan, highlighting the dangers of misinformation.

Israel’s Tech Ecosystem Innovates Crisis Recovery – A Groundbreaking Transformation

Discover how Israel's tech ecosystem is leading crisis innovation for national growth, from emergency solutions to long-term recovery strategies.