Apple, NASA and Oracle Alums Launch Backbone: The ‘AWS of Supply Chain’ with $14M in Funding
- Emerges after four years in stealth with proven success in highly-regulated industries, hitting $1BN in GMV in 2021
- Backbone debuts first-of-its kind “supply chain mesh” that helps companies respond to disruptions during times of volatility by surfacing vetted replacement options quickly and seamlessly; inspired by wireless mesh networks
- Accelerates expansion into agriculture, hemp, and pharmaceuticals with founding team including Apple, Microsoft, Oracle Netsuite, NASA and LinkedIn alums
SAN FRANCISCO (April 14, 2022) – A team of ESG, enterprise software, supply chain operations and logistics experts today introduce Backbone, the first and only supply chain mesh network. Backbone is a fully configurable supply chain platform that lets operators spot and address breakdowns in real-time, using a mesh network approach that helps companies weather volatility and scale.
The global supply chain is inefficient and increasingly unstable, with companies facing unforeseen hurdles and struggling to meet customer expectations — resulting in lost sales, lost profit, and loss in market share. Backbone, using a supply mesh approach, connects operators to alternative vendors should a supplier fail to deliver or perform, so that companies can keep up with demand.
Backbone converges machine learning, the IoT infrastructure, and decentralization – a technological advancement that wouldn’t have been possible five years ago – so that companies can easily embed ESG compliance and resiliency into their supply chain for improved sustainability, productivity, employee and customer satisfaction.
A supply chain mesh model makes it so that the failure of any one vendor or provider will have only minimal effect on a business, which is paramount to long-term success. We’re enabling operators to quickly reroute around the point of disruption, increasing a company’s resilience so that they don’t suffer setbacks through unpredictable periods of supply and demand.
Backbone co-founder and CTO, Vic Patil
“Global supply chains are in need of a major overhaul and Backbone is dynamically positioned to take advantage,” said Matt Barron Founding & Managing Partner at 12/12 Ventures. “We’re impressed with what the team has accomplished in one of the most complex, highly regulated, and challenging industries, and look forward to seeing how the team elevates their platform to deliver value across broader verticals as businesses compete to meet modern day supply chain demands.”
Backbone tracks production compliance, unified COGS, yields, and audit reporting data in real-time, with additional features including:
- Configuration: Assemble your supply chain in a browser with an unprecedented ability to configure it based on individual business needs
- Certified network of vendors: Choose from trusted, stable and verified vendors in any marketplace
- 360-degree dashboard: Track and visualize data from your unique supply chain + know the cost associated with each item to accurately determine profitability
Backbone raised $14M in seed funding from Nautilus Ventures, 12/12 Ventures, and individual investors including John Battelle (Wired), and Brian Taylor (Oracle Netsuite). Advisors include former Apple Beats supply chain executive, Mondher Ben-Hamida and Peter Karpas, former Intuit and PayPal GM.
The company spent four years in stealth, quietly honing its mesh network supply chain management in highly regulated industries, which tend to introduce more complexity and a higher barrier to entry compared to non-regulated counterparts. The capital raised will be used to onboard new customers, expand into new markets, and develop the company’s supply mesh technology as it accelerates global growth.
Backbone is engaged with a number of companies across highly regulated industries from cannabis and hemp, to produce and agriculture and controlled substance pharmaceuticals, spanning 19 states and five countries. To learn more about Backbone’s supply chain management solutions, visit backboneiq.com. Global companies are encouraged to sign-up for a demo here.
About Backbone:
Backbone is the first and only fully configurable supply chain management platform. Their supply mesh approach helps companies embed and enable resilience during times of volatility. Backbone was founded by former Oracle Netsuite, Intuit, Sage Intacct, Microsoft and LinkedIn alums, with over two decades of experience in finance, enterprise software and data and supply chain optimization. Current customers include North American cannabis & hemp MSOs Cookies, TerrAscend & Finalbell, pharmaceutical MNOs Clever Leaves (EU/LatAM), Celadon Pharmaceuticals & 4C Labs (UK), & Cannolam (Israel) and is available globally, in any industry. Visit backboneiq.com to learn more.
Source: Company
