Backbone Raises $14 Million in Seed Funding to Fix Supply Chain
In 2015, a survey of large companies (revenue with more than $1 Billion), conducted well before the pandemic began; supply chain volatility was pegged as the top challenge that they faced. Backbone, founders Vic Patil and Rajesh Chandran believe that the solution lays in “supply mesh,” inspired by the way wireless mesh networks [1] function.
Started in 2017, Backbone is looking to establish a foothold with agriculture, hemp, cosmetics and pharmaceuticals customers to begin with, focus on US & UK markets. The company currently has a 65 people team and over 100 customers, whilst tripling their revenues for the second time in two years.
Patil believes Backbone can recommend solutions to route around supply chain issues as they’re happening, such as material shortages or truck stoppages. This is the platform’s key differentiator, along with its ability to customize for regulated industries like agriculture or pharma.
Backbone has raised $14 million in seed funding to onboard new customers, expand into new regions/markets and develop the technology, as it accelerates growth globally.
Patil has stated that, “As evidenced by the last two years of the pandemic, legacy systems aren’t very good at predicting or modeling volatility and are even worse at reacting to volatility — they overcorrect and lead to the jams we see in logistics, manufacturing and more … Backbone is a fully configurable supply chain platform that lets operators spot and address breakdowns in real time, using a mesh network approach that helps companies weather volatility and scale.”
[1] A wireless mesh network is a multi-hop wireless network, formed by a number of stationary wireless mesh routers, connected wirelessly using a mesh-like backbone structure.
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