How Matchory Will Provide Transparency to Supply Chains
Matchory, a procuretech startup, has announced a €6 million (US$6.2m) financing round. The Ulm-based startup received the funds as part of a seed-extension round – it will aid in the company's global expansion, as well as carry on its development of its supplier database.
The funding round was led by Capmont, a Munich-based VC firm – whilst being joined by existing investors: Earlybird-X and angel investors from industry and procurement.
Bringing transparency across the world's supply chains
Aiko Wiegand, Co-founder and CEO of Matchory says: "Transparency in the supply chain is becoming a key success factor for companies to make efficient and sustainable decisions when manufacturing products and selecting suitable suppliers.
"Therefore, the rapid availability of information about supply chains and individual suppliers is crucial to a company's success. The fresh capital will enable us to further develop our Software-as-a-Service (SaaS) solution, integrate additional data sources and offer exciting new features."
Matchory was established by Aiko Wiegand, Martin Konradi and Nils Liskien, with the goal to bring transparency across the world's supply chains and provide strategic procurement and automated supplier search.
Through the creation of its AI-driven procurement programme, Matchory gathers information of relevant suppliers across the supply chain and makes it centrally available for strategic procurement.
Its cloud-based software transforms the global supplier search and is currently being harnessed by companies like DMG Mori, Tesa, Bosch and Jungheinrich.
How Matchory is harnessing AI
Matchory says it is the first company to combine all manufacturers in one platform. With the help of specially developed AI models and web scraping processes, the data is continuously updated and enriched.
Currently, its database contains over 14 million supplier profiles – and covers over 98% of the relevant manufacturers in the global market.
Matchory claims that with a high level of information availability and broad market overview, it can lead to a reduction in production costs by up to 50%. In addition to cost savings, the complexity of purchasing is constantly increasing.
Recognising risks, quality standards, time-to-market, compliance with ESG guidelines, innovative capacity and relocation all influence the selection of optimal suppliers. Through its platform, Matchory can aid the procurement processes through its ability to digitise them – building their resilience to market changes.
This is particularly helpful in relation to nearshoring and with supply chains being relocated when facing the challenges of geopolitical and environmental challenges.
Matchory is also a consortium partner in the Factory-X project, which is looking to advance the holistic digitisation of supply chains, develop industry standards and provide significant funding for such developments.
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