Skyscend Inc has appointed one of its investors and co-founders as CEO as it prepares to expand globally.
Steve Roach, the former CEO of software firm LSI Consulting, invested $1 million in the company and took over as CEO in January.
Roach, who was previously the chairman of Skyscend, co-founded the company with President Chaya Gangadarappa. He took over from Michael Kodinsky, who is now the CEO of the financial consulting firm Serve Funding.
The leadership change occurred as the company was in the process of closing a $5 million funding round, bringing the company’s total investments to $8 million.
The funds raised will be used to expand its marketing team, develop new products, and support its global expansion.
The company, which was founded in February 2021, now has a total of 25 employees. One-third of them are based in India, with the rest spread across the United States and Canada.
By the end of 2021, the company hopes to have 170 full-time employees. Atlanta would house half of its US workforce.
It currently has an office in Sandy Springs at 1145 High Tower Trail. Once its seed round closes, it will look for a new headquarter facility in the metro Atlanta area to accommodate the additional headcount, Gangadarappa said.
Skyscend has agreements with global tech giant IBM and cloud computing giant Amazon Web Services to integrate their products into their cloud services.
Skyscend can now sell to the customers of those entities through their marketplace.
Skyscend plans to expand into Europe and several countries across Latin America and Asia through its IBM partnership.
The company’s software will go live on June 1 with Atlanta-based flooring manufacturer Mohawk Industries Inc, giving it access to approximately 35,000 vendors and suppliers in the United States and 127,000 internationally.
On June 1, the company’s software will go live with Atlanta-based flooring manufacturer Mohawk Industries Inc, giving it access to approximately 35,000 vendors and suppliers in the United States and 127,000 around the world.
Skyscend is one of many Atlanta-based software companies that offer logistics solutions. Many of which have seen significant expansion and funding as the pandemic increased demand for e-commerce products and labor shortages caused supply chain backlogs.
GreyOrange, a robotics company, announced last week that it would be adding 300 jobs globally as a result of a $110 million investment. Stord, a unicorn cloud-based supply chain company, recently raised $120 million, bringing its valuation to $1.3 billion as the company plans to hire 1,000 people.
The company’s software is licensed to businesses that buy inventory from suppliers. Following the purchase of inventory, the software will send an invoice to the supplier, along with an option to sign up for Skyscend’s platform. After onboarding, suppliers could be paid within two days of a purchase order, rather than months. Suppliers can also use the platform for real-time tracking of purchases, invoices and payments.
The software benefit suppliers by getting them paid immediately after an invoice, Gangadarappa said. That quick capital gives them the ability to grow their businesses faster.
What is Skyscend?
Skyscend creates transformative e-Procurement solutions for global trade. Skyscend’s SaaS trade network is a cloud-native technology platform in the source-to-pRead More
Where is it based? The company has its headquarters located in the Atlanta, United States
How many staff does it have? It employs nearly 50 people.
What is its annual revenue? The firm’s revenue is around $5 Million