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icix making strides in risk management of global supply chains

icix announced the release of its new application, Direct Test, as well as receiving $25 million in C series funding

Keeping track of whether products meet the current standards and regulatory requirements is a challenging task. Manufacturers and retailers of all sorts seem to struggle when it comes to keeping track of data collection to make sure their SKUs meet federal regulations with current service providers without automation. Because traditional data collection through spreadsheets, emails, hard copies, and fax, it is difficult to ensure accurate data for reporting when third-party testing partners are used.

icix, global supply chain risk company, announced the launch of its new automated cloud-based application, Direct Test. Direct Test is the first automated application to more efficiently collect and manage third-party product tests to ensure the compliance of federal requirements.

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Matt Smith, the co-founder and chief strategy officer of icix, says, “With more than 38 million products recalled in 2013, product safety is clearly an issue for consumers and businesses. The globalization of supply chains and increased regulation has made if much more difficult to manage extended supply chain risk. We developed Direct Test in collaboration with leading brands, retailers and testing labs to help them proactively and efficiently meet the challenges of validating product safety.”

Because Direct Test directly pulls data from test results and reports from lab systems, icix is getting rid of the manual processing by the middle man, increasing efficiency and accuracy. According to icix, Direct Test “streamlines the management of product test and regulatory documentation, matching purchase orders to existing documentation and notifying trading partners and testing labs when documentation or certificates are missing.”

Furthermore, Direct Test is ready to expand its supply chain risk management solution after security $25 million US dollars in Series C funding. Wesfarmers Limited and Vertical Venture Partners joined Draper Fisher Jurvetson and Starfish Ventures bringing the total venture capital investment to $50 million. Over 20,000 businesses are involved in the icix network. The world’s largest companies of general merchandise, apparel and food industries use icix to protect their brands and safeguard consumers. 

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Jessica Liu

Jessica Liu is a sophomore at Haverford College, where she is majoring in political science. At InsideCounsel, she reports on news for the Women, Influence,...

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