Elm AI Raises $2 Million in Funding

Elm AI Raises $2 Million in Funding

Elm AI, a New York-based, AI-driven platform helping enterprises improve sustainability and operational performance across their supply chains, has raised $2 million in funding.

The oversubscribed 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.

Beta Boom Fund, a Salt Lake City-based venture capital firm, invests in pre-seed and seed-stage software startups and focuses on companies solving real-world problems in digital health, fintech, the future of work, and enterprise SaaS sectors.

Working Capital Fund is a venture capital firm that invests in technology promoting fairness and building responsible, sustainable global supply chains.

The company will use the funding to onboard customers from its waitlist and expand its technological capabilities, aiming to become the go-to platform for supplier performance and risk management at scale.

Founded in 2023 at Cornell University by Advait Raykar, Aparajita Thakker, Ken He, and Eesha Khanna, Elm AI provides an AI-powered platform that helps companies analyze and manage supplier sustainability and compliance data more efficiently. It automates the review of supplier documents—such as audits and questionnaires—to identify risks, provide insights, and improve supply chain performance. Already in use by companies ranging from mid-sized apparel brands to billion-dollar multinationals, sustainable fashion brand Reformation is among its early adopters.

Funding Details

Company: Elm AI

Raised: $2.0M

Round: Unknown

Funding Date: April 2025

Lead Investors: Beta Boom Fund, Working Capital Fund

Additional Investors: Boro Capital Partners, Very Serious Ventures, Gorges Ventures, The Bond Collective, Textbook Ventures

Company Website: https://elm-ai.com/

Software Category: Supply Chain Management