Algo, a supply chain technology firm based in Troy, announced today that it received a $15 million investment from California’s Integrity Growth Partners (IGP).
Algo is a high-growth, end-to-end, software-as-a-service platform used by Fortune 500 enterprises to analyze, drive, predict, and prescribe critical business data and functions, including demand and inventory planning, sales forecasting, product lifecycle management, and category optimization.
Its customers communicate with Algo’s virtual supply chain bot through natural language to increase sell-through, optimize inventory, minimize returns, and drive various other forms of measurable ROI across the enterprise.
“We are very impressed with Algo’s rapid growth and success within the supply chain industry,” said Scottie Wardell, managing partner at Integrity Growth Partners. “Its innovative and robust suite of tools and highly skilled engineering team are driving significant, measurable ROI for its clients by solving major pain points throughout their supply chains”
As part of the transaction, Wardell will join Algo’s board of directors.
“Partnering with IGP has the entire Algo team excited for the future,” says Amjad Hussain, founder, chairman and CEO of Algo. “The capital infusion will further our efforts to provide best-in-class products that drive cost-saving insights and revenue growth for our customers.
“When the time was right to raise our first institutional capital round, I knew Integrity was the right partner for Algo,” Hussain continues. “They bring more than just capital to the table. We’re anticipating an accelerated rate of innovation and product enhancement in the months and years ahead. We’ve built an incredible team over the last several years, and we’re grateful to our customers and partners for their ongoing support as we innovate and empower enterprise supply chains globally.”
Integrity Growth Partners led the investment in Algo, alongside partners including The K Fund, also based in California.
“Algo’s software provides extraordinary value to leading companies,” says Gary Post, partner at The K Fund. “We are very pleased to work with Amjad and our colleagues at Integrity Growth Partners in the next chapter of Algo’s growth.”