AUSTIN, Texas, Jan. 14, 2021 /PRNewswire-PRWeb/ -- Sustainment, the software company transforming how business and government teams discover and engage with US manufacturers, today announced the close of an oversubscribed $2.1 million financing round led by Blackhorn Ventures. Blackhorn is joined by Congress Avenue Ventures and numerous strategic angel investors.
The global supply chain management market was valued at $15.85 billion in 2019, and is projected to reach at $37.41 billion by 2027 as providers innovate to meet the demands of changing global dynamics. Evidencing this demand, Sustainment's collaboration tools for localized manufacturing have already been adopted by the US Department of Defense and state government clients over the last year.
"The US manufacturing sector is primed to see massive benefit from network solutions. Sustainment is taking an exciting new approach, delivering a platform that offers streamlined efficiency for commercial and government procurement teams, while at the same time offering immense business development benefits for the US manufacturing base," said Trevor Zimmerman, founding partner of Blackhorn Ventures. "The adoption of Sustainment by DoD and state government clients speaks to the effectiveness of its platform and this experienced team's vision."
The vision for Sustainment's platform is to reimagine the American manufacturing base as a hyperconnected, secure, and resilient ecosystem of local and regional suppliers who can more easily interact and transact with the government and industry organizations that rely on them. Sustainment enables US-based manufacturers to confidently build and manage vetted domestic supplier networks, with modern tools to find and engage with qualified vendors. The financing will enable Sustainment to expand its software development efforts to offer products to commercial procurement teams. In addition, Sustainment will continue to develop its AI technologies to intelligently match part needs with vendor capabilities to optimize domestic supplier networks.
"We are thrilled to be joined by a team of investors who see potential for modern software and AI to transform the American manufacturing ecosystem," said Bret Boyd, Sustainment's CEO. "The need for efficient digital supply chain management and intelligent vendor discovery has never been higher in the United States, as more organizations are looking to bring parts of their supply chains back onshore. Macro risks to international supply chains are increasing and technology is decreasing the economic advantage of offshoring. Both of these forces are driving the need for organizations to quickly and efficiently engage with American manufacturers at scale. This is the time for Sustainment to expand our development efforts and realize our vision of a connected platform for US manufacturers and their commercial and government customers."
"The Oklahoma Department of Commerce is proud to have partnered with Sustainment to help better identify, engage with, and support our state's manufacturers," said Geoff Camp, State Director of Aerospace & Defense. "We expect Sustainment to save our team countless hours, provide better outcomes for our companies, and help Oklahoma to become an even better manufacturing destination for businesses."
For more information on Sustainment, visit sustainment.tech.
About Sustainment
Sustainment is a software platform that intelligently connects the fragmented ecosystem of small and medium-sized American suppliers with their enterprise customers to enable agile supply chain networks. Our software enables US-based manufacturers to find and engage with the critical suppliers they need to build secure, resilient, domestic supplier networks.
About Blackhorn Ventures
Blackhorn Ventures is an early-stage venture capital firm that invests in companies using breakthroughs in engineering and science, coupled with the infrastructure of the Information Revolution, to redefine resource productivity.
Media Contact
Bret Boyd, Sustainment, +1 844-474-2600 Ext: 702, [email protected]
SOURCE Sustainment
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