The SAP.iO startup accelerator program is a rich source of innovation and startups taking on major business challenges. Acceleration Economy has previously chronicled more than a dozen of those companies, including Wisy, the Cloud Wars Startup of the Year for 2022.
A number of SAP.iO companies have recently provided significant business updates — from customer wins and deployments to new funding rounds — that are detailed below. In total, there are updates on four companies that are part of the program, including one we’ve profiled previously and three others that are new to Acceleration Economy readers.
Verusen: Supply Chain Gains
Atlanta-based Verusen makes supply chain software that leverages artificial intelligence (AI) and natural language processing (NLP) to help companies manage their materials more effectively, with the goal of harmonizing disparate data so that they have what they need, when they need it, and where they need it. Verusen calls that concept “Material Truth.”
Verusen officials said this week that they have now helped customers manage more than $2 billion of inventory and nearly 3 million SKUs. The company says its system has achieved more than $53 million in client-verified savings opportunities.
Verusen works with:
- Manufacturers to optimize the way they manage inventory and collaborate with suppliers
- Consumer packaged goods firms to better respond to the changing mix of products that customers buy
- Energy and oil/gas firms to ensure the reliability and availability of their materials
- Pulp and paper to build resiliency and transparency into supply chains
Today, roughly 80% of the company’s customer base uses SAP systems including ERP. Their customers are also users of Oracle and Infor ERP technology.
Officials note that one major advantage of Verusen’s software is the use of NLP, which allows the software to dramatically compress the normally time-consuming process of cleansing, categorizing, and governing data for analysis.
An official from an (unnamed) energy company in the U.S. said the following about its work with Verusen: “We had challenges reviewing the significant number of materials required on an annual basis, and the Verusen platform was able to help us automate the process. In addition to solving some of our process challenges, Verusen has also helped us identify significant inventory savings across our supply network.”
Referencing the company’s progress and its business update, Verusen Founder and CEO Paul Noble said: “We are solving complex problems and reinventing how business gets done for global manufacturers and suppliers through materials intelligence — a proven, accelerated path to better productivity and reduced costs.”