Raven.ai Raises US$12 million in its Effort to Combat Supply Chain Issues
Raven.ai is an Ottawa-based startup that leverages its overall equipment effectiveness (“OEE”) improvement software to help companies improve their supply chain efficiency. The OEE software’s output is an overview of equipment effectiveness and production losses that can be interpreted by supply chain managers to make appropriate adjustments.
Raven.ai’s recent Series A funding round that totalled US$12 million comes at a good time as Canada faces ongoing supply chain issues lingering from the COVID-19 pandemic as well as other climate-based and geopolitical production restraints. The company’s funding round was led by Momenta Ventures and Chartline Capital Partners with participation from Celtic House Venture Partners and Export Development Canada.
Raven.ai has already helped improve efficiency on production lines operated by Coca-Cola, Walmart, Michelin, and McCain and hopes to continue to provide incremental assistance to more companies which may help combat rising inflation rates in Canada.
Author: Tommy Friedlich, 2022/2023 Articling Student-at-Law
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