Algo, an end-to-end supply chain optimization software company based in Troy, has received a multi-million-dollar investment from Plymouth Growth, a growth equity firm based in Ann Arbor.
This new partnership will allow Algo to deepen its market penetration and increase sales and marketing capabilities. Terms of the deal were not disclosed.
Algo’s a Software as a Service (SaaS) solution provider, utilizes machine learning, optimization, and other artificial intelligence (AI) methods to analyze, drive, predict, and prescribe business insights and perform functions, including demand and inventory planning, sales forecasting, product lifecycle management, and category optimization.
Algo’s customers interact with its virtual supply chain analyst through natural language to increase sell-in and sell-through, optimize inventory, minimize returns, and drive various other forms of measurable ROI across the extended enterprise.
“We are excited to double down on the success we’ve seen over the past few years and accelerate that further with Plymouth Growth by our side,” said Amjad Hussain, founder and CEO of Algo. “Plymouth’s deep industry knowledge and breadth of experience is the key reason we chose them to join our journey. We believe the time is now to transform the supply chain industry. We at Algo have innovative technology that is changing the way the industry manages demand and inventory planning.”
Kevin Terrasi, partner at Plymouth Growth, says, “Global enterprises with complex supply chains are benefiting from the value of Algo. Once customers experience the power of Algo’s AI-based and data-driven approach to predictive and prescriptive supply chain optimizations, there is no going back. It is clear that Algo’s groundbreaking technology is going to disrupt the supply chain industry permanently.”
With Plymouth’s investment, Terrasi will join Algo’s board of directors