Moreover, the amount raised in the Series A Funding will be used to strengthen its technology platform, equipping brands with crucial production data and updates, the company said in a press release.

Eight Roads Ventures India along with existing investors Surface Ventures, Forum Ventures and other angels also participated in the round. As part of the round, Ben Gorman of F-Prime Capital joins the board, the release added.

Silq's purpose-built platform provides apparel, footwear, home goods and accessory brands with transparency into real-time production progress. With zero implementation required, Silq has digitised the manufacturing supply chain, improving product quality and accelerating speed-to-market. Silq customers experience a carefully choreographed production calendar, designed, and maintained by the company ensuring quality, compliance, and on-time performance.

The company’s on-site merchandisers and quality inspectors are vetted, trained, and certified. They work as an extension of a brand's product development and production team, making scheduled visits to the factory to track production milestones, perform inspections and communicate updates via Silq's proprietary technology platform. Brands use this data to improve forecasting and planning, guaranteeing landed cost by enabling them to book freight up to 30 days in advance, the release stated.

"Our mission is to build an information highway that makes transactions efficient, fast and reliable for all stakeholders in the supply chain. At Silq, we are solving the hardest supply chain problem of them all, providing real-time visibility from the factory floor by leveraging people and technology. We augment the capabilities of Silq experts with an intuitive mobile application that enables them to share updates with brands with poise and precision," Ram Radhakrishnan, CEO of Silq, said.

"Over the past 24 months, apparel brands new and old have faced unprecedented challenges in delayed timelines and cost uncertainty. Consumers have felt the pain of supply chain delays as items from their favourite brands are either taking longer than expected to arrive or are simply out of stock. More up-to-date data feeds, improved quality control, and higher levels of collaboration are needed to meet rapidly shifting consumer demand. Silq's unique combination of a powerful software platform and on-the-ground expertise positions them to succeed in adding efficiency and transparency to the manufacturing process and the effusive praise from their customers showcases the value they bring every step along the ways," Ben Gorman, principal at F-Prime Capital, stated.

"We invested in Silq because we serve many of the world's great brands and have seen firsthand the herculean effort that goes into making and delivering world-class products. Silq is a single partner for brands to execute everything that comes after designing a great product and we're proud to partner with them," Ben Braverman, chief customer officer of Flexport, said.

As globalization accelerates from both the short- and long-term impacts of the COVID-19 pandemic, Silq is uniquely positioned to help transform the global supply-chain through innovation, making production faster, more reliable and cost efficient for brands, the report added.

Fibre2Fashion News Desk (SF)