BackboneAI Announces Intercompany Data Automation Platform, Raises $4.7 Million Seed Investment
NEW YORK, March 10, 2020 /PRNewswire/ -- BackboneAI, an intercompany data automation platform, today announced its market launch and a $4.7 million seed round, led by Fika Ventures with participation from Boldstart Ventures, Cendana Capital, Dynamo Ventures, GGV Capital, MetaProp, Spider VC, and several notable angel investors. Founded in 2019 and incubated with Boldstart, BackboneAI builds frictionless data networks through intercompany automation, a completely new category of automation. Transforming supplier and customer relationships through real-time data synchronization, fast API connectivity, and regulatory integration, BackboneAI seamlessly automates intercompany data processes.
"Our mission is to help companies move faster and serve their customers better by automating their intercompany data flows, transforming data teams from cost centers into strategic revenue generators," said Rob Bailey, CEO and founder, BackboneAI. "Using their existing data infrastructure, our platform enables Fortune 500s to accelerate their supplier and customer processes in weeks and months — instead of years."
BackboneAI is the first AI platform specifically built for data collection within and between organizations. The company makes supplier and customer data smarter by using artificial intelligence to integrate product data from a wide range of sources, both within and beyond a company. The platform can be configured and deployed within a few weeks, and dramatically improve data team productivity.
"We are excited to support BackboneAI, which has created an innovative, industry-first category for AI with intercompany data automation," said Eva Ho, general partner of Fika Ventures, a seed fund that focuses on enterprise and data-driven B2B software. Eva also joins as a BackboneAI board member.
Intercompany automation is a growing need across global Fortune 500 companies, specifically in areas such as:
- Product data coordination with suppliers including catalogue management
- Coordination of construction materials across vendors and construction companies
- Global rights management for entertainment companies with affiliates and distributors
- Coordination of a shipment between different participants
- Tracking the provenance of a product from its source to the end customer
- Vendor reputation management in a regulated industry
BackboneAI is already working on supply chain transformation with Genuine Parts Company (GPC), a global distribution organization with more than $19 billion in annual revenues, 3600 operations in 14 countries, and approximately 55,000 employees. Based upon early indicators, BackboneAI is on track for rapid market adoption across Fortune 500 and mid-size companies in categories ranging from automotive to retail to food supply chains and entertainment.
Over the past decade, enterprise automation companies have created enormous value for Fortune 500 companies, which are now looking for other areas that can automate, rendering intercompany data flows as a tremendous opportunity. BackboneAI empowers the data workers in those processes, transforming them from cost centers to profit generators.
The key benefits of BackboneAI are as follows:
- Fast: Deployed quickly at scale, automates data processes within weeks to significantly increase data team productivity.
- Intelligent: Ingests data from various sources, harmonizes it through automation, and then delivers it into your systems. Uses algorithms and human interaction to identify data anomalies and resolve them quickly.
- Automated: Uses AI to accelerate the way product data flows between people and organizations, reducing friction and enabling them to collaborate more productively.
- Empowering: Evolves the role of data teams from cost centers to strategic revenue generators.
"BackboneAI is uniquely transforming the way the enterprise will collect and use their data," said Jeffrey Leventhal, a partner at BOLDstart Ventures who has joined BackboneAI's board as part of the investment. "It is a great example of an API where you actually have network effects, and we're proud to work with Rob and his team as BackboneAI takes the industry by storm."
To learn more about BackboneAI, visit backbone.ai and follow them on @backboneai, in/backboneai, and medium.com/@robbailey.
About BackboneAI:
BackboneAI builds frictionless data networks through intercompany automation, a completely new category of automation. It transforms supplier and customer relationships through real-time data synchronization, fast API connectivity, and third party application and database integration. Based in New York City and founded in 2019 by serial entrepreneur Rob Bailey, BackboneAI helps companies work together more efficiently by automating their intercompany business processes and optimizing communication through technology.
SOURCE BackboneAI
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