Citi Ventures and Canaan Partners Israel Ventures Invest in Contguard to Optimize Supply Chain Management
SAN FRANCISCO and TEL AVIV, Israel, April 4, 2018-- Contguard, the leading provider of supply-chain shipment monitoring and business-intelligence services, announced today an investment from Citi Ventures and Canaan Partners Israel. The new funds will enable the 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.
Yiftach Nativ, Contguard co-founder and CEO said that "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".
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.
"International trade is ripe for modernization leveraging advancements in IoT and AI," said Luis Valdich, Managing Director, Ventures Investing, Citi Ventures. "We are excited to invest in Contguard, whose logistics technology provides the transparency necessary to optimize container-shipping supply chains."
"Since our first investment in Contguard the vision has been to build an industry leader in providing actionable data to all players in the ecosystem of supply chain management," says Ehud Levy, General Partner with CPI. "The partnership with a global leader such as Citi is an important step in this direction."
"We are excited for the opportunity to leverage Citi's leading trade finance franchise and global footprint to take Contguard to the next level," said Ornit Shinar, Citi's Head of Venture Investing in Israel. "We are looking forward to more opportunities to partner with top Israeli VCs and invest in distinctive Israeli startups where Citi can add value."
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