Keychain raises $30m in funding as it plans further expansion

AI powered supply chain platform Keychain, cofounded by Irish entrepreneur Oisin Hanrahan, has raised $30 million (€25.6 million) in funding as the company expands its product line and plans to grow its staff numbers.

The Series B round was led by Wellington Management and existing investor BoxGroup, with other existing investors also taking part.

The funding will support roll-out plans for the company’s AI based operating system KeychainOS, which is designed to helps manufacturers manage their production cycle.

The new product is taking on the established players in the system, Mr Hanrahan said, such as Oracle, Redzone, QAD and others.

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“This an AI enabled operating system for manufacturers to better run their facilities,” he said. “They all have little bits of the product but no one has put it together into one unified system. We think it’s going to build a better way for manufacturers to run their business. We think it will help them get product to market faster and take waste out of the system.”

Keychain has raised a total of $68 million to date, 18 months after it first launched with its core product, which puts brands, retailers and manufacturers in touch with manufacturing partners, cutting out brokers and making the process more efficient and cost-effective.

“That product has a lot of room to expand,” Mr Hanrahan said. “It’s already expanded into packaging, into health, beauty and supplements. We are very excited about where it is going.”

Mr Hanrahan said the company has significant cash on its balance sheet to support its expansion, with plans to double the size of its engineering team to around 70 people.

It currently counts eight of the 10 top US retailers among its customers, with seven of the top 10 CPG brands, including General Mills also using the platform.

“Keychain has demonstrated a strong ability to bring new products to market quickly while scaling their operations effectively,” said Molly Breiner, sector lead for private climate investing at Wellington Management.

“Their approach addresses clear gaps in the CPG supply chain by offering a more streamlined and connected alternative to traditional ERP systems to create a more efficient, resilient, and connected ecosystem for manufacturers.”