Industrial supply chain traceability firm Circulor raised $14 million in its Series A funding. Venture capital firm Westly Group led the investment with participation from Salesforce Ventures and four other investment firms. They will join a list of existing investors, including BHP, Boeing, Volvo and Jaguar Land Rover.
Circulor developed a platform that initially traced the supply chain of tantalum, a mineral widely used in consumer electronics. Tantalum is considered a conflict mineral because its sale contributes to the perpetuation of wars. Tracing tantalum and exposing any bad practices that occur in its extraction give companies a reason to be more accountable for the processes involved in the mineral supply chain.
Beyond tantalum, Circulor’s platform has expanded to the traceability of cobalt, mica, and lithium, as well as commodities nickel, copper, plastics, and leather. The company’s software assigns a digital identity to materials and tracks the carbon emitted at each stage of production, recycling, and disposal.
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