Shipment company

Parysl does not leave the shipment of essential goods to chance

Insurance and risk management solutions provider Parsyl announced the closing of a $25 million Series B round led by HSCM Ventures with participation from existing investors GLP Capital Partners and Luna and strategic investors Lineage Ventures and Flexport ventures.

The Denver-based company is working with a number of pharmaceutical and perishable food companies to leverage its risk management technology to reduce waste and better track risk around the world.

Parysl co-founder and CEO Ben Hubbard told FreightWaves that the idea to start the company came after overseeing supply chain operations in developing countries.

“Multinationals and small businesses left the shipment of essential goods to chance. We had a phrase for that: send and pray. So we started to see that was a very big problem to solve for the delivery of life-saving goods, like vaccines, but also a very big problem for commercial businesses,” Hubbard said.

He said that while the perishable food and pharmaceutical industries collect data, his team found that a lot of that data gets pushed aside and ignored when it could be used to monitor the risk of future shipments.

Funding Details parsley
Funding amount $25 million
Funding cycle B-series
lead investor HSCM Companies
Secondary investors Lineage Ventures, Flexport Ventures, GLP Capital Partners and Luna
Trade goals for the round Develop partnerships with insurers and develop technological solutions for risk management
Post-money valuation $110.2 million*
Total funding $45.2 million
*Pitchbook data

“Companies would use rudimentary monitoring devices, but the data would never come out of the device,” he said. “We saw an opportunity to use the data that has already been collected, to make it affordable to collect and access that data, and to use that information to understand their risks.”

Alongside Series B, Parysl also announced the launch of a US-based general insurer and is expanding the scope of its syndicate with Lloyd’s of London.

“As we work with customers as an insurer, we want to develop an understanding of the risk we are taking so that we both benefit from our technology. We are really aligned with customers to help minimize the losses that can arise and motivated to give them the valuable insights that we know can reduce the risk of loss and help them anticipate potential risks that they may not even be aware of,” Hubbard said.

Although Parysl provides analytics and underwriting capabilities, it also manufactures and supplies sensors to its customers, which Hubbard says makes it easier for his company to provide a full range of risk information.

“The reason we’re providing this material is that the existing solutions available are really outdated and don’t allow for broad and consistent data collection that can lead to this transformative insights for risk management,” he said.

This transformative insight has enabled the company to make great strides in its markets, as it currently monitors vaccines for more than 200 million people in 80 countries.

With its new funding, as well as new board members like Adrian Jones, an HSCM Ventures partner, Parysl plans to expand its insurance partnerships in the US and globally and enhance its insurance solutions. risk management.

“The supply chain of essential goods is hugely important – it’s the food we need, the medicine we need – and we should be putting a lot of thought, effort, technology and data into it. The more I learn, the more I realize that there is a huge difference between how perishable supply chains are managed in sub-Saharan Africa and in North America, but I think the management of risk in these two markets is underserved and we are excited to address this issue,” Hubbard said.

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