Insider Brief
- Elm AI, a Cornell spinout focused on supply chain sustainability, has raised $2 million in an oversubscribed round led by Beta Boom Fund and Working Capital Fund.
- Its AI platform automates supplier due diligence by analyzing documentation and delivering real-time insights, helping global brands like Reformation manage thousands of factories more efficiently.
- Founded in 2023, Elm AI will use the funding to scale operations, onboard customers from its waitlist, and expand its AI capabilities for global supply chain performance and risk management.
PRESS RELEASE — Elm AI, a Cornell University spinout and an AI-driven platform helping enterprises improve sustainability and operational performance across their supply chains, has successfully raised $2 million in an oversubscribed funding round. The round was led by Beta Boom Fund and Working Capital Fund, with participation from Boro Capital Partners, Very Serious Ventures, Gorges Ventures, The Bond Collective, and Textbook Ventures.
Global enterprises continue to face escalating costs and complexity in supplier due diligence and compliance management, driven by rapidly evolving regulatory standards. Elm AI’s advanced AI-driven technology streamlines this process by automating analysis of supplier documentation (questionnaires, audit reports, etc), and instantly providing actionable insights and recommendations — dramatically faster and more cost-effectively than traditional methods.
Elm AI’s software is already trusted by a diverse range of customers, from mid-sized apparel brands to publicly listed multinational corporations generating billions in revenue. The platform currently manages data from several thousand factories globally. Amongst the company’s first few customers is Reformation, a leading sustainability clothing brand.
“Elm AI has been instrumental in transforming our responsible sourcing process, streamlining cumbersome administrative tasks and giving brands more time to focus on what matters most — building programs and management systems that benefit workers by ensuring safe, healthy, and equitable working conditions.”
— Carrie Freiman Parry, Senior Director Of Sustainability at Reformation
The company was founded in 2023 at Cornell University by Advait Raykar, Aparajita Thakker, Ken He, and Eesha Khanna. Elm AI was built on cutting-edge research of AI applications in the sustainability space, and initially secured funding from Cornell University and Entrepreneurs Roundtable Accelerator. Since then, the company has grown exponentially.
“The Elm AI team’s maturity and focus on solving customer problems continue to impress me. As someone with a long history in supply chain labor and sustainability, it’s refreshing to see such enthusiasm for making a real difference. They’ve made me a firm believer in AI’s ability to accelerate our efforts to support workers in global supply chains.”
– James McMichael, Founder of ELEVATE Global and Mosaic RSR
The newly raised capital will accelerate Elm AI’s growth, allowing the company to quickly onboard customers from its extensive waitlist and continue expanding its technological capabilities. Elm AI aims to become the definitive platform for managing comprehensive supplier performance and risk data at global scale.
About Elm AI
Elm AI provides an AI-driven system of record for supplier sustainability, performance, and risk data. The platform automates complex workflows, empowering companies to achieve unprecedented efficiency and sustainability in their supply chain operations.
For more information, visit www.elm-ai.com or contact info@elm-ai.com.
Media Contact
Aparajita Thakker, Elm AI, 1 4085680807, aparajita@elm-ai.com, www.elm-ai.com
Advait Raykar, Elm AI, 1 9783629319, advait@elm-ai.com, www.elm-ai.com
Featured image: Credit: Elm AI
