Craft

Craft is a supplier intelligence company that leverages a proprietary data platform to help organizations in making data-informed business decisions. Its platform focuses on the supply chain and procurement sectors, enabling professionals to discover, evaluate, and monitor suppliers. 

The platform offers a comprehensive suite of tools tailored to enhance supplier management and risk mitigation. These include

1) Craft Sense: A tool that provides an overview of company profiles, facilitating in-depth supplier comparisons

2) Craft Protect: A tool that focuses on risk management by offering a centralized Risk Hub, which aggregates data to give a comprehensive view of supplier health. It also provides real-time alerts and industry benchmarks to keep users updated on pertinent changes and potential risks, making it easier to manage and mitigate supplier-related threats.

3) Craft Operate: A tool aimed at improving operational efficiency, including solutions for collaboration and case management, ensuring that different teams within an organization can work together seamlessly

4) Craft Impact: A tool that offers multi-tier mapping and contextualized intelligence which allows organizations to trace and understand dependencies across their supply networks, thereby enabling them to make strategic decisions that align with their operational and business goals.

These tools are integrated into three solutions. These include Supplier Intelligence, Supplier Risk Management, and Supply Chain Risk Management. Each of these offerings targets specific aspects of supply chain oversight and is designed to work independently and synergistically depending on the needs of the user.

As of May 2024, the company’s platform offered a view of supplier health with over 500 data points across crucial risk categories, including cybersecurity, ESG, financial, geopolitical, operational, and regulatory and compliance aspects.

Key customers and partnerships

Craft serves a variety of industries, including aerospace and defense, federal government, financial services, and manufacturing. Its customers include companies like Hapag-Lloyd.

In January 2022, the company partnered with The Smart Cube, a strategic research and analytics firm to enhance supplier and market intelligence for procurement professionals. The partnership aimed to integrate Craft's supplier intelligence platform into The Smart Cube's procurement intelligence platform, Amplifi PRO, allowing registered Amplifi PRO users to access Craft's supplier intelligence directly.

Funding and financials

In February 2023, Craft raised USD 32 million in a Series B round led by led by BAM Elevate, the venture capital arm of Balyasny Asset Management LLC, with participation from Greycroft, Uncork Capital, High Alpha, ServiceNow Ventures, Point Field Partners, and Okta Inc., among others. The company intended to use the funds to deepen its go-to-market execution strategy and accelerate its R&D efforts.