Knowde, a B2B digital marketplace and ecommerce technology provider, is out to bring the chemical industry into the broad benefits of digital commerce. And a growing number of investment firms are backing its strategy.
Ali Amin-Javaheri, CEO, Knowde
This week, Knowde secured $60 million in a Series C funding round, bringing its total funding to date to $175 million.
“The chemical industry is the root of all innovation,” says founder and CEO Ali Amin-Javaheri. “Every physical product is created from chemistry. By accelerating digitization, we can impact all downstream industries.”
Knowde says it will use the new funding to develop new features for its AI-backed master data management, or MDM, technology platform, which “automates data organization and enrichment” for suppliers listing their products through Knowde’s marketplace platform or their own websites. It says it will also use the funding to develop additional vertical applications, which it hasn’t yet publicly identified.
Companies using Knowde’s technology say a main advantage is using Knowde’s technology to digitize and manage their complex product data to help buyers find and purchase the chemicals — or combinations of them — that they need for their own manufacturing or other purposes.
“Our Knowde storefront gives us new tools to reach and engage more effectively with current and future customers,” says Serge Karakash, chief operating officer of Kalustyan Corp., which supplies specially treated herbs and spices to the food industry.
Distributor Quadra launches website with Knowde technology
Other companies use Knowde’s MDM platform and customer experience technology on their own websites. Quadra Corp., an ingredients and chemicals distributor, recently launched a new corporate website with a searchable product portfolio powered by Knowde’s MDM system and customer experience platform.
Anne Marie Infilise, president and CEO, Quadra Corp.
“With a diverse product portfolio of over 5,000 products, we wanted an industry-leading AI-driven tool that allowed us to efficiently manage our product information,” Anne Marie Infilise, Quadra’s president and CEO, said in a press release. “Additionally, we wanted a full-featured, end-to-end solution that offered our customers the latest tools to improve their entire online journey. Our digital transformation is thoughtfully designed with our customers and suppliers at the forefront, and this new launch marks another significant step in creating a powerful and intuitive user experience.”
Founded in 2017, Knowde’s technology platform now serves more than 8,000 suppliers of chemicals, ingredients and polymers. They include companies ranging from chemicals giant BASF to specialty suppliers like Ecomass Technologies, which develops, manufactures, and markets “high-density engineered thermoplastics” designed to provide the weight and physical properties of metal but with the design and production flexibility of injection-molded plastics.
The $60 million funding round was led by Blue Cloud Ventures, Point72 Private Investments, and Socium Ventures. Existing investors, including Sequoia Capital, also participated.
“The chemical and ingredient industry has the potential to immensely benefit from digitization,” said Dan Gwak, managing partner at Point72 Private Investments. “We believe Knowde has built technology and capabilities that are well positioned to tackle the challenges of organizing this industry.”
“It is rare to partner with a founder and team driving innovation in a massive, underserved industry,” added Blue Cloud Ventures founder and managing partner Rami Rahal.
Paul Demery is a Digital Commerce 360 contributing editor covering B2B digital commerce technology and strategy. paul@digitalcommerce360.com.
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