CARLSBAD, Calif.--(BUSINESS WIRE)--Source Intelligence®, a global best-performing supply chain compliance solution provider, today announced a new round of capital to release an artificial intelligence platform and to help fund expansion into the European Union.
The announcement arrives as Source Intelligence celebrates its 10-year anniversary, highlighting the company’s continued growth and innovation to be the world’s most sought-after resource for supplier and product data collection and industry-leading ESG compliance platform.
In today’s announcement, Source Intelligence CEO Jess Kraus stated that Source Capital Partners, Kayne Capital Partners and a consortium of local banks participated in a fresh Round B of growth capital funds.
“Our AI-driven platform provides a faster, automated document review process benefitting companies seeking confidence, simplification and cost-efficiencies with their supply chain compliance processes,” Kraus said. “Source Intelligence already has the world’s largest supplier database and processes millions of documents and other data on a regular basis. The addition of AI reflects the first-to-market innovation that Source Intelligence has steadily delivered since we opened our doors.”
Source Intelligence’s AI platform interprets and learns from a global database of supplier documents and information to quickly identify and assess a wide spectrum of Environmental, Social and Governance (ESG) concerns. Existing customers, such as Amazon, The Home Depot and European-based Schneider Electric, already have indicated a strong desire for this next wave of technological prowess being delivered by Source Intelligence, Kraus said.
“Source Intelligence has been a valued partner of The Home Depot for the past seven years,” said Todd A. Nash, Director-Responsible Sourcing at The Home Depot. “We wish Source Intelligence a very happy 10th anniversary and look forward to your continued high level of support in the years to come.”
Source Intelligence, which has been the most-used conflict minerals compliance platform globally for the past eight years, already counts many European-based multi-national corporations as customers. Further expansion and growth of the company’s presence within the EU will provide additional service to existing customers and meet demands arriving from prospective ones.
ABOUT SOURCE INTELLIGENCE
Source Intelligence® (SI) is a global supply chain management solution providing a single resource for supplier and product data collection and an end-to-end compliance platform to meet the world’s most stringent regulations. SI's cloud-based SaaS platform helps customers make informed decisions about business partners to offer products that meet legal, ethical, and environmental standards. The company's information and analytics platform provides customers with complete visibility into supply chains in order to comply with the law, minimize operational and brand risk, and improve efficiency. Founded in 2009 by career experts in environmental solutions and analytics, Source Intelligence® has headquarters in Carlsbad, California and operations worldwide. SI has received multiple awards, including the "GRC Innovation Award" by analyst firm GRC 20/20, "Most Promising Supply Chain Tech Solution Provider" by CIO Review and “Product of the Year” by Environmental Leader. CEO Jess Kraus was named "CEO of the Year" by CIO Review. www.sourceintelligence.com