Supply chain technology provider Steelwedge has announced today that it has received $22.5 million in new growth capital in a funding round led by Baltimore based private equity firm Camden Partners. Other participants in this latest round of funding included San Francisco based Mainsail Partners, Shea Ventures and the firm’s CEO, Pervinder Johar.
Founded in 2000, Steelwedge is an integrated business planning and Sales and Operations Planning (S&OP) technology support provider which has gained significant momentum in the supply chain technology arena. Named global customers include Applied Materials, HP, Hospira, Jaguar Land Rover Europe, Monsanto, Lenovo, Nissan, Republic Wireless, among others. Current key partners include Salesforce.com, KPMG and PwC.
Supply Chain Matters has featured a number of prior commentaries related to this provider, and Steelwedge has been a prior Named sponsor of this blog. In December of 2013, we highlighted efforts to extend demand planning with the front-end social aspects of product planning through this provider’s Sales Pipeline Bridge “app”, developed to tap the Salesforce platform.
According to the announcement and the company’s blog, this latest round of funding will be utilized to accelerate product development, expand sales, marketing and customer service. The supply chain planning provider has plans to open a new technology, sales and services hub in Austin Texas. Plans for that facility include an R&D co-innovation lab where product managers and software engineers will work directly with customers on new applications.
From our Supply Chain Matters lens, this announcement from Steelwedge is another indication of the increased interest among investors in the growing supply chain technology segment, especially upon providers offering cloud-based options. This Steelwedge announcement follows the recent successful IPO efforts of Kinaxis which raised $65 million in incremental growth funding, along with the planned private equity acquisition of E2open which was estimated to be $273 million. Each of these funding events involved building market interest for cloud-based supply chain technology offerings and provide continued signs of added activity within this segment.
We extend our congratulations to Steelwedge on this latest milestone.
Disclosure: Kinaxis and E2open are among current sponsors of the Supply Chain Matters blog. Steelwedge was a former sponsor.