Chennai: TrusTrace, a software as a service (SaaS) provider for supply chain transparency and product traceability on Thursday announced a USD 6 million series A investment to create more sustainable, transparent supply chains for global brands.
TrusTrace, in a statement said, it is now positioned to become the mission-critical, one-stop-shop operating platform for brands aiming to solve major supply chain sustainability and transparency challenges.
TrusTrace platform empowers fashion, food and retail brands to understand and take responsibility for the social and environmental impact of the supply chain. The company currently has a portfolio of more than 8,000 suppliers in India, China, Bangladesh.
“The new capital will be used to further accelerate global expansion, expand product development and strengthen the team to continue bringing supply chain transparency to brands who want to know what they sell..”, the statement said.
The investment was led by Industrifonden and Fairpoint Capital with early investor BackingMinds and support from Fashion for Good.
“With this latest funding round, we will continue leveraging cutting-edge technology and the best minds in the industry to achieve positive, restorative change for people and the planet. Industrifonden and Fairpoint Capital are the perfect partners to accelerate our growth and drive the global expansion..”, company CEO and Co-Founder, Shameek Ghosh said.
According to company website, the company is headquartered in Stockholm and the technology and operations centres have been set up in Coimbatore.
“We are also thrilled to continue collaborating with Backing Minds, who were our first investors and Fashion for Good. Together with our partners, we can continue helping brands discover suppliers and map the complete supply chain..”, he added.
The TrusTrace platform has been built on artificial intelligence (AI), Blockchain and BOTS. Through its open architecture, the platform integrates seamlessly with retailer, manufacturer and supplier systems as well as those third parties such as certification agencies, lifecycle datasets and sustainability solution providers, the statement added.