Food logistics tech startup CMX secures $50M Series A funding led by Morgan Stanley Expansion Capital
CMX (ComplianceMetrix), a La Jolla, California-based tech startup that provides a platform to enable companies of all sizes to gain control and transparency over their supply chains, announced today it has closed a $50 million Series A investment led by Morgan Stanley Expansion Capital.
CMX will use the funding proceeds to accelerate growth by enabling CMX to expand its team and product offerings and execute its vertical market expansion strategy. In conjunction with the funding, CMX also announced that Isetta and Nocito will join its Board alongside Adam Aarons and Phil Sanford.
Founded in 2009 by Mitch Porche, CMX helps some of the world’s greatest brands achieve and maintain quality and operational excellence using its Enterprise Quality Management Solutions (EQMS) software. CMX customers include some of the world’s most recognized brands including Restaurant Brands International, Inspire Brands, Chick-fil-A, Bloomin’ Brands, Taco Bell, Raley’s Supermarkets, Hasbro, and Bureau Veritas, among others.
During the COVID-19 pandemic, the CMX1 platform has been instrumental in helping companies accelerate digital transformation initiatives, maintain compliance with new operational standards, and ensure the health and safety of their employees and customers.
Using automation, data, visibility, and insights, the CMX1 platform enables food, retail, hospitality, and service organizations to digitally transform the quality, risk, safety, and compliance-focused programs. The platform empowers organizations to protect brand reputation, maintain customer trust, and drive operational performance across their locations.
“CMX was founded based on the increasing challenges we saw for large distributed companies to protect their brands and manage the quality of their operations and supply chains,” said CMX founder and CEO Mitch Porche. “Our one platform mission has consolidated the myriad of systems required to manage quality and mitigate risk into a single cohesive management platform. We look forward to the partnership with Morgan Stanley Expansion Capital to further expand on that vision and accelerate our growth.”
“CMX has demonstrated impressive growth and capital efficiency since inception, and we are excited to partner with Mitch and his outstanding team to take CMX to the next level. The digital transformation of managing brand quality and risk, combined with ever-increasing consumer needs and regulatory complexity, is accelerating demand for world-class solutions. CMX, now trusted by over 40 leading brands, is at the forefront of technological leadership in the quality, risk, and safety assurance market,” said Lincoln Isetta, Managing Director of Morgan Stanley Expansion Capital.
“The high cost of failure for brands has made quality and risk management critically important for businesses today. We believe CMX is well-positioned to address the increasing demand for these services as well as the accelerated adoption of enterprise cloud solutions,” added Nick Nocito, Vice President at Morgan Stanley Expansion Capital.