Algo Receives Investment from Plymouth Growth to Accelerate Expansion
Jul 20, 2021, 16:08 ET; press release link here
TROY, Mich., July 20th, 2021 /PRNewswire/ — Algo, a leading innovator in end-to-end supply chain optimization software based in Troy, MI, announced today that it received a multi-million dollar investment from Plymouth Growth, a growth equity firm based in Ann Arbor, MI. This new capital and strategic partnership will allow Algo to deepen its market penetration and increase sales and marketing capabilities.
Algo is a high-growth, SaaS solution provider used by enterprise businesses, including many Fortune 500 companies. Algo’s platform utilizes machine learning, optimization and other Artificial Intelligence (AI) methods, to analyze, drive, predict, and prescribe critical business insights and perform functions, including demand and inventory planning, sales forecasting, product lifecycle management, and category optimization. Algo’s customers interact with Algo’s virtual supply chain analyst through natural language to increase sell-in and sell-through, optimize inventory, minimize returns, and drive various other forms of measurable ROI across the extended enterprise.
“We are excited to double down on the success we’ve seen over the past few years and accelerate that further with Plymouth Growth by our side,” said Amjad Hussain, CEO and Founder of Algo. “Plymouth’s deep industry knowledge and breadth of experience is the key reason we chose them to join our journey. We believe the time is now to transform the supply chain industry. We at Algo have innovative technology that is changing the way the industry manages demand and inventory planning.”
“Global enterprises with complex supply chains are benefiting from the value of Algo. Once customers experience the power of Algo’s AI-based and data-driven approach to predictive and prescriptive supply chain optimizations, there is no going back,” said Kevin Terrasi, Partner at Plymouth Growth. “It is clear that Algo’s groundbreaking technology is going to disrupt the supply chain industry permanently.”
David Warrick, General Manager of Global Supply Chain at Microsoft and Algo customer shared this view when he noted, “The landscape of supply chain is changing rapidly. It is our partnership with companies like Algo that will continue to define the future.”
“Algo is humbled by David’s comments and the evolving partnership with Microsoft,” said Hussain. “Algo’s cooperative approach in redefining the supply chain industry, alongside key industry leaders like Microsoft, will continue to drive broad industry impact.”
With Plymouth’s investment, Kevin Terrasi will join Algo’s Board of Directors. “We couldn’t be more excited to be a part of Algo’s journey,” said Terrasi.
Algo is a Troy, MI-based supply chain SaaS platform that enables automated, data-driven workflows and business insights to enterprises. Its sophisticated virtual supply chain analyst, powered by AI, AR, and NLP, provides value creation to various verticals, including retailers, distributors, and manufacturers. The Company’s deep domain knowledge of both technology and supply chain allows the team to rapidly train Algo’s solution on analytically rich workflows and business functions. With an easy-to-use conversational interface, Algo is bringing “plain” language understanding, machine learning, and robust optimization to life within organizations, while creating an agile way to increase revenue and profitability. For more information, visit www.algo.com.
About Plymouth Growth
Plymouth Growth invests in mid-continent B2B software and technology companies – with proven business models, rapid growth, and strong teams – that are ready to scale. The Plymouth team brings decades of experience as operators, advisors, and investors, and understands that while metrics matter, it’s people that are critical to growth. We look beyond the numbers to understand businesses, teams, and cultures, and we seek to partner with entrepreneurs that have accomplished a lot with a little. Based in Ann Arbor, MI and actively investing out of its fifth fund, Plymouth Growth helps teams achieve smart, proven growth. For more information on Plymouth and its investments, please visit www.plymouthgp.com.
For questions or inquiries:
Jordan Groves, Algo