SOURCE: ClearMetal

February 24, 2016 07:30 ET

ClearMetal Secures Funding to Solve Multi-Billion Dollar Global Shipping Problem

ClearMetal Closes $3 Million Seed Round to Revolutionize How Carriers Drive Efficiency for Every Shipping Container Around the Globe

SAN FRANCISCO, CA--(Marketwired - February 24, 2016) - ClearMetal, a predictive logistics company, today announced it has closed a $3 million seed financing round from leading global investors -- NEA, Skyview, and Eric Schmidt's Innovation Endeavors. Taking a groundbreaking approach to solving a multi-billion dollar shipping logistics problem, ClearMetal will use the investment to bring predictive intelligence to container shipping.

"It's the age-old issue that continues to plague the shipping industry: Carriers struggle to get the right asset to the right place at the right time," said Chetan Puttagunta, Partner at NEA. "The industry now has the needed IT and data infrastructure in place-opening the doors for ClearMetal to apply an innovative, data-driven approach to address the global trade problem. The team has developed an exciting solution, and we look forward to partnering with them to transform shipping around the world."

ClearMetal helps the world's largest shipping carriers reduce costs, increase revenue, streamline operations, and reduce carbon emissions globally. The ClearMetal Predictive Intelligence Platform uses artificial intelligence to predict equipment, trade, vessel and shipper needs with accuracy and granularity that was previously impossible. Through its unprecedented technology and approach, ClearMetal eliminates the guesswork from moving 20 million containers around the world.

"We invest in visionaries who apply cutting-edge technology to transform large industries, and ClearMetal is an ideal example. The shipping industry has been hungry for more reliable prediction, and leading carriers are embracing the clarity ClearMetal provides," said Innovation Endeavors Managing Partner Dror Berman. "ClearMetal makes sense of the complexities of global trade so carriers can more efficiently manage hundreds of thousands of containers and vessels. The company will quickly make the shipping industry more effective, more profitable, and more environmentally friendly."

ClearMetal was founded by top software engineers, data scientists, artificial intelligence experts, and operations researchers from Stanford University, Google and Silicon Valley.

"The global shipping industry has reached a point of nearly unmanageable complexity," noted Adam Compain, founder and CEO of ClearMetal. "ClearMetal forecasts the future with certainty, allowing carriers to accurately and effectively allocate, reposition and utilize their assets. By empowering carriers with predictive intelligence, we are driving efficiency and profit across every shipping container in the world."

About ClearMetal

ClearMetal is a predictive logistics company that uses predictive intelligence to unlock unprecedented efficiencies for global trade. The ClearMetal Predictive Intelligence Platform forecasts the future with certainty -- enabling carriers to increase profitability through precise asset allocation and predictive trade management. Based in San Francisco, ClearMetal is funded by global VC firm NEA, Beijing-based Skyview, and Eric Schmidt's Innovation Endeavors. Learn more at www.clearmetal.com.

About NEA

New Enterprise Associates, Inc. (NEA) is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With nearly $17 billion in cumulative committed capital since the firm's founding in 1977, NEA invests in technology and healthcare companies at all stages in a company's lifecycle, from seed stage through IPO. The firm's long track record of successful investing includes more than 200 portfolio company IPOs and more than 320 acquisitions since its founding in 1977. In the U.S., NEA has offices in Menlo Park, CA; Boston, MA; New York, NY; Chicago, IL; and the Washington, D.C. metropolitan area. In addition, New Enterprise Associates (India) Pvt. Ltd. has offices in Bangalore and Mumbai, India and New Enterprise Associates (Beijing), Ltd. has offices in Beijing and Shanghai, China. For additional information, visit www.nea.com.

About Innovation Endeavors

Innovation Endeavors is an early-stage venture capital firm partnering with startups that apply cutting edge technology to transform large industries. The firm runs a dedicated global team that builds industry networks to create value for its portfolio companies. Innovation Endeavors has offices in Silicon Valley and Tel-Aviv, and is solely backed by Eric Schmidt, the Alphabet Executive Chairman (formerly Google). Learn more at www.innovationendeavors.com.

About SkyView Fund

As an early-stage venture capital firm with global view and expertise, Skyview Fund endeavors to create value and drive growth for the most promising entrepreneurs with revolutionary innovations. With deep roots in China's Technology, Media and Telecom industries and extensive management experience in technology companies globally, Skyview Fund is committed to partner with entrepreneurs from around the world to enhance technology development and business transformation through enterprise software, artificial intelligence, robotics, and virtual reality.

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