Gradient Ventures, Google’s early stage AI-focused venture fund, has joined BluePallet’s Series A, oversubscribing the round led by the venture arm of Vinmar International.
“Innovation is crucial to the continuing success of any organization and we’re excited about the doors that will be opened through Gradient’s support and resources. ” - Salvatore Cacciatore, Co-Founder and Chief Technology Officer at BluePallet
An industrial commerce platform for the chemical sector, BluePallet’s end-to-end capabilities already represent a dramatic leap forward for the $5 trillion industry that has been one of the last to embrace digitalization. The platform layers in logistics, inventory, and payment capability services.
"BluePallet seems like an integral tool to help push chemical sales and marketing into the digital age. We believe that BluePallet will help Mitsui's product offerings reach a wider audience while helping to bolster our sales and marketing functions. BluePallet’s customizable set up and versatility will help fine tune our trading capabilities and improve areas from logistics to fulfilling customer’s detailed requests."
Andrew Arzberger. Sr. Marketing Manager at Mitsui & Co Ltd
The platform’s end-to-end capabilities, and ability to make payments of up to $1 billion per transaction, are just the tip of the iceberg for chemical manufacturers, distributors, and buyers who also manage large amounts of diverse and complex data.
Gradient invests in and connects early-stage startups with resources, innovation, and technical leadership in artificial intelligence. Enhanced AI capabilities could have an exponential impact on the speed of sourcing raw materials for manufacturers and distributors as well as easing the discovery of complementary products.
“Managing the purchase and shipment of products on our platform should be table stakes for our users. Helping them make smarter and more informed decisions is how we truly add value.” - Scott Barrows, Chief Executive Officer at BluePallet
The pandemic exposed supply chain vulnerabilities for businesses of all sizes as the inability to source raw materials significantly impacted nearly every sector.
Gradient is betting that BluePallet will accelerate the rapidly evolving chemical industry’s evolution into data-centric business operations and real-time analytics with profoundly positive effects.
“BluePallet’s platform integrates best in class solutions for the chemical sector without sacrificing the needs of the players within it, whether they are Fortune 50 or small businesses. This combination of vision, understanding, cutting edge technology and innovation uniquely positions BluePallet to tackle the challenges faced in chemical commerce.” - Zach Bratun-Glennon, Partner at Gradient Ventures
About BluePallet
BluePallet is an end to end industrial commerce platform, providing solutions for search, logistics, transactions, and everything in-between. Formed through a merger between Velloci, a FinTech platform and the chemical marketplace, EchoSystem, BluePallet is based on the platform created by co-founder and CEO, Scott Barrows - now utilized by Ticketmaster, Live Nation, and the NFL.
About Gradient Ventures
Gradient Ventures is Google’s AI-focused venture fund — investing in and connecting early-stage startups with resources, innovation, and technical leadership in artificial intelligence. The fund focuses on helping founders navigate the challenges in developing new technology products, using the latest best practices in recruiting, marketing, design, and engineering so that great ideas can come to life. Gradient was founded in 2017 and is based in Palo Alto, California.