As supply chain bottlenecks continue to disrupt almost all industries, Denver-based Parsyl is ramping up its sensor technology that collects cargo data to underwrite and improve risk management for companies transporting perishable food, medicine and vaccines.
Parsyl announced Thursday that it has raised $25 million in Series B funding, which comes almost two years after the startup raised a $15 million Series A round.
The company also recently partnered with Africa’s Centres for Disease Control and Prevention to distribute 10,000 vaccine monitoring devices in the fight against Covid-19.
Parsyl works with several of the world’s largest logistics companies and insures food, vaccines and other health commodities that are shipped to more than 80 countries. Parsyl’s risk management technology is currently monitoring vaccines for nearly 200 million people.
Offering what it says the only integrated supply chain monitoring and insurance solution on the market, Parsyl uses granular data to help customers manage, mitigate and insure complex supply chain risks.
Ben Hubbard, co-founder and CEO of Parsyl, said in a statement that a lack of data throughout the supply chain can lead to unnecessary waste, financial loss and restrictive insurance.
“We use ground-truth data to strengthen supply chain risk management and provide tailored insurance protection at a time when the global supply chain is in crisis and effective vaccine distribution is increasingly urgent,” Hubbard said.
Parsyl employs 46 people, about 75 percent of which live in Denver. The company is currently hiring for eight open positions.
