TROY—Algo, the Troy-based developer of supply chain software, announced that it received a $15 million investment from Los Angeles-based Integrity Growth Partners (IGP).
Algo software is used by Fortune 500 enterprises to analyze, drive, predict, and prescribe critical business data and functions, including demand and inventory planning, sales forecasting, product lifecycle management, and category optimization. Algo’s customers communicate with Algo’s virtual supply chain bot through natural language to increase sell-through, optimize inventory, minimize returns, and drive various other forms of measurable ROI across the enterprise.
“We are very impressed with Algo’s rapid growth and success within the supply chain industry,” said Scottie Wardell, managing partner at Integrity Growth Partners. “Its innovative and robust suite of tools and highly skilled engineering team are driving significant, measurable ROI for its clients by solving major pain points throughout their supply chains. We could not be more excited to partner with Amjad and his team on this next phase of growth.”
As part of the transaction, Wardell will join Algo’s board of directors.
“Partnering with IGP has the entire Algo team excited for the future,” said Amjad Hussain, CEO, chairman and founder of Algo. “The capital infusion will further our efforts to provide best-in-class products that drive cost-saving insights and revenue growth for our customers. When the time was right to raise our first institutional capital round, I knew Integrity was the right partner for Algo. They bring more than just capital to the table. We’re anticipating an accelerated rate of innovation and product enhancement in the months and years ahead. We’ve built an incredible team over the last several years, and we’re grateful to our customers and partners for their ongoing support as we innovate and empower enterprise supply chains globally.”