Global trade management (GTM) and logistics company Intelage has notched $3.5 million in Blumberg Capital-led seed funding with participation from Vulcan Capital in addition to others. The company’s client network currently runs in Vietnam, Korea, Indonesia, Egypt, China and the United States, according to a Tuesday (Sept. 29) announcement.
"Essential aspects of human survival depend on global trade, especially in the agricultural and food & beverage industries,” Intelage Founder John Han said in the announcement. “As companies see significant growth, we are helping them remove barriers to get commodities flowing across borders so everyone who is in need can have access."
The company’s TradeDesk technology congregates all entities participating in the trading process in a single location, bringing together product data, deal negotiation, paperwork, contract information and discussions in a simplified user interface, according to the announcement. As a result, clients can digitize manual procedures, get rid of expensive exceptions, receive increased visibility into important decisions and streamline overall trading experiences.
"Intelage will not only bring standardization and workflow automation but will also allow unprecedented analytics to be conducted on historical transactions,” Blumberg Capital Founder and Managing Partner David Blumberg said in the announcement.
Intelage also announced the appointment of Dave Fry, who will serve as head of engineering and spearhead the firm’s technology vision in addition to strategy. The company said Fry has over 20 years of experience directing teams, leading research and development, and supervising projects.
In separate news, Ant Group has rolled out its Trusple blockchain technology for small- to medium-sized business (SMB) cross-border trade. Ant, which runs mobile payments program Alipay, introduced Trusple in Shanghai on Sept. 25.
Jiang Guofei, president of the advanced technology business group of Ant, told the South China Morning Post that the company looks forward to “making cross-border trading safer, more reliable, and more efficient for buyers and sellers, as well as for the financial institutions that serve them.”