Circulor raises $25m for blockchain material supply chain monitoring
UK software startup Circulor has raised $25m (£20m) to expand its blockchain-based materials supply chain monitoring technology into the US.
While supply chain issues are critical in the semiconductor industry, the supply chain of materials is key for sectors such as batteries and solar panels. Circulor was recently named a central partner in the German Federal Government’s Battery Pass project. Circulor will play a key role in designing the technical inputs and data space for the project, with regional and global applicability ahead of the EU Battery Regulation.
The Circulor software uses blockchain technology to provide greater accuracy in responsible sourcing, and digital proof to enable circular business models and is used by companies such as Volvo Cars and its EV sister company Polestar, as well as Jaguar Land Rover.
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“Supply chains are at an inflection point—digital transparency with Circulor can empower companies to track their materials through every step of their supply chains, mitigating risks and ensuring societal stewardship,” said Circulor’s founder and CEO Douglas Johnson-Poensgen.
The Series B funding round was led by The Westly Group, a venture fund in Menlo Park, California, bringing the total raised to $44.2m.
HG Ventures of The Heritage Group is a new investor which brings strategic value across their transportation, materials, and environmental services business in North America. Existing investors Volvo Cars Technology Fund, SYSTEMIQ Capital, Jaguar Land Rover’s InMotion Ventures, Future Positive Capital, BHP Ventures, Salesforce Ventures, and 24Haymarket continued to participate in the round.
“In times of growing supply chain uncertainty, Circulor’s technology helps provide visibility and ESG analytics into complex supply chains to help companies make better business decisions,” said Steve Westly, Founder and Managing Partner of The Westly Group. “We’re pleased to lead this round and back a technology that provides a critical solution in today’s business environment.”
“Circulor’s technology drives faster and more efficient insights for responsible and circular value chains,” said John Glushik, Managing Director of HG Ventures. “The unique Circulor solution helps businesses develop more transparent and resilient supply chains.”
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