Parsyl, a Denver-based supply chain data platform, just announced that it raised $15 million in Series A funding. The company plans to use this new funding to launch its latest product — ColdCover.
ColdCover is Parsyl’s new suite of connected cargo insurance for perishable products, whether that’s food, pharmaceuticals or commodities. Parsyl offers several forms of insurance protection for these products, which cover things like spoilage due to temperature and damage during transit or storage.
Moving perishable products provides a big risk to supply chain companies. Parsyl built its business in order to use data analytics to mitigate this risk. Besides insurance, the company sells IoT hardware that can measure and track metrics including temperature, humidity, light, impact and location, as well as the software to analyze this data for supply chain companies.
This comes in handy for Parsyl’s insurance business, because it allows the company to identify the time and location a shipment might be compromised.
“The power of Parsyl’s data is what enables them to respond quickly to customer needs, eliminate or reduce adjustment costs, and drive down expense ratios — something that benefits clients and insurers alike,” Andrew Brooks, CEO of Parsyl investor Ascot Group, said in a statement. “We’re thrilled to be backing this truly unique offering.”
Parsyl also plans to use the new funding to build on the algorithms behind its products and grow its team. The company is licensed to offer insurance in Alaska, California, Colorado, Louisiana, Maine, Massachusetts, Oregon, Texas, Virginia, Washington and the United Kingdom. It hopes to use the funding to expand to more areas as well.
