Citi Ventures and Canaan Partners Israel have invested in Israeli supply-chain shipment monitoring and business-intelligence services provider Contguard. No financial details about the size of the investment were disclosed.
The new funds will enable the Kfar Saba-based company to build and scale its technology to continue to reinvent how the international trade industry gathers insights into product shipments.
Contguard estimates that more than $0.5 trillion of manufactured goods are in transit and out of supply-chain oversight and control, based on data from the WTO, and International Maritime Organization. The resulting inefficiencies and losses, both direct and indirect, cost hundreds of billions of dollars annually. Contguard provides IoT-enabled shipment monitoring, data and business intelligence to manufacturers and suppliers that ship materials, components and products globally. The company's service delivers actionable insights about goods in transit, which optimizes the supply chain.
Founded by CEO Yiftach Nativ and COO Hanan Weisler, Contguard is active in over 100 countries and serves Fortune 500 customers, including international most well-known names in the pharmaceutical, food, and automotive industries. Contguard will use these funds to accelerate technology and product development, expand its sales and global support activities and develop its partnerships with banks and insurance companies.
Nativ said, "Contguard addresses this need with a unique end-to-end service built on top of a cloud-based and AI. We're excited to be partnering with Citi Ventures to power the next generation of the digital supply-chain."
Citi Ventures managing director ventures investing Luis Valdich said, "International trade is ripe for modernization leveraging advancements in IoT and AI. We are excited to invest in Contguard, whose logistics technology provides the transparency necessary to optimize container-shipping supply chains."
Published by Globes [online], Israel business news - www.globes-online.com - on April 4, 2018
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