A tech startup that aims to provide faster “connectivity” in business-to-business commerce announced that it has raised $45 million from a collection of investment funds and angel investors.
Nuvo Technologies Inc.
Nuvo officials said that forming new partnerships between buyers and sellers still tends to get bogged down by paperwork, manual verification processes, risk checks and scattered communication — including phone calls, emails or even faxes. Its system, by contract, provides “instant access to critical trust signals,” enabling easier verification, collaboration and financing.
Those capabilities, in turn, allow companies to expand both customer and vendor relationships, and build scale with less risk.
“There are more businesses in the world than ever before, greater connectivity between them, and more trade flowing through every relationship,” Nuvo co-founder and CEO Sid Malladi said in a company blog post. “Continued innovation, growth and accessibility of goods in the global economy requires a new kind of technology infrastructure, and that’s what we’re building at Nuvo.”
The Series A funding round was led by Sequoia Capital and Spark Capital. Nuvo intends to use the funding to expand in its core markets — including food and beverage, construction, manufacturing and distribution — and join new ones.
