RESEARCH SECTOR
Supply chain
Historically characterized by complexity, fragmentation and resistance to change, supply chains are now under acute pressure to become more flexible, resilient and data-driven, pressure accelerated by recent disruptions that exposed the brittleness of legacy operating models. At First Analysis, we view supply chain technology as a critical and rapidly evolving area where modern software and analytics can unlock significant operational and strategic value.
Research for investors, advisors and entrepreneurs in supply chain technology
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Key themes and focus areas
We invest in and advise growth-stage companies developing software and technology that modernize and optimize supply chain operations. Our focus spans solutions that improve visibility, coordination and decision-making across complex, multi-party networks — from planning and procurement through last-mile delivery — helping enterprises reduce risk, lower costs and respond more effectively to volatility and disruption. Within the broader supply chain ecosystem, we are particularly focused on technologies addressing:
- Planning and orchestration
- Logistics and transportation
- Warehouse and fulfillment operations
- Reverse logistics
- Visibility and analytics
- Process automation
- Supply chain resilience and risk management
- Network diversification
- Regulatory compliance
Supply chains have become more global, more digitized and more exposed to geopolitical, economic and operational shocks. At the same time, many core systems remain legacy, on‑premises or heavily customized and slow to adapt. We believe this gap creates a powerful opportunity for modern, cloud‑based software to replace rigid workflows with intelligent, adaptive platforms. As enterprises invest in automation, AI and data integration, supply chain technology is becoming a strategic priority rather than a back‑office function.
First Analysis has studied and invested in supply chain‑adjacent technologies for many years across enterprise software, logistics, infrastructure and industrial markets. Our integrative research approach – combining deep sector analysis with long‑standing relationships across the ecosystem – has given us a detailed understanding of how supply chains operate in practice and where technology can deliver the greatest impact. Building on this foundation, we have formalized supply chain as a dedicated coverage sector, bringing the same depth of research and relationship-driven approach that defines our work across all focus areas to a market defined by significant opportunity and accelerating innovation.
Our sector leaders
Corey Greendale
Managing Director, Office of the President
Matthew Nicklin
Managing Director, Office of the President
Walid Elmekki
AssociateFeatured insights and research reports
Parcel Forum takeaways: Tech provides better odds in complex shipping game
Corey Greendale, Walid Elmekki
Time for online sellers to embrace return prevention tech
David Gearhart, CFA, Marta Mikos
Clinical trial supply challenges create opportunity for tech
Joseph Munda, Walid Elmekki
Shift to condition monitoring to finally drive connected pallet adoption
David Gearhart, CFA, Howard Smith
Large and underpenetrated market, stage set for strong growth
David Gearhart, CFA, Howard Smith
Venture capital activities
Cycle Labs
cyclelabs.ioEnterprise-grade end-to-end automated testing solutions that accelerate software delivery and reduce risk across complex systems
Learn more Cycle Labs
cyclelabs.ioEnterprise-grade end-to-end automated testing solutions that accelerate software delivery and reduce risk across complex systems
Cycle Labs is a software company composed of innovators committed to modernizing enterprise solution deployment and reducing risk through world-class test automation. The company encourages its customers and team members to question assumptions and pursue continuous, iterative improvement. Cycle Labs is the creator of the end-to-end Cycle® Continuous Test Automation Platform, which enables organizations to accelerate change and deliver low-risk solutions to complex problems more efficiently than ever before.
CoolR
www.coolrgroup.comProvides advanced, end-to-end, IoT-based solutions for CPG brands and distributors
Learn more CoolR
www.coolrgroup.comProvides advanced, end-to-end, IoT-based solutions for CPG brands and distributors
CoolR provides advanced, end-to-end, IoT-based visual AI solutions for CPG brands and retailers. CoolR helps CPGs and retailers take control of demand and ensure the right products are in the right place at the right time. CoolR’s technology monitors refrigerated, frozen, and ambient shelves, collecting data on out-of-stock opportunities, product performance and execution audits. The information is integrated with visual AI decision-making into everyday commercial execution. CoolR specializes in remote, unbiased monitoring, enabling high-performance results for sales uplift and cost reduction programs for its partners. Flexibility is a key point of differentiation – CoolR’s solution is built so that it is configurable to its clients’ way of working. Whether using cameras or smartphones to generate images, CoolR aims to integrate with current process and then suggest actions and improvements.
SmartCommerce is an AI-based data platform that centralizes and optimizes massive amounts of real-time consumer packaged goods (CPG) product data to create and support solutions that drive frictionless acceleration of e-commerce for CPG and fast-moving consumer goods manufacturers and their retailer partners.
4G Clinical is a leader in randomization and trial supply management for the global life sciences industry, offering the only fully cloud-based, 100% configurable and flexible solution using natural language processing and integrated supply forecasting. 4G Clinical is headquartered in the Boston biotech corridor of Wellesley, Mass., with offices in Europe and Asia. First Analysis invested in 4G Clinical in 2019 and successfully exited its investment in 2021 as part of a more than $230 million growth equity investment by Goldman Sachs Asset Management.
Relevant advisory transactions
Co-manager
Casella Waste Systems Follow-on
$105,000,000
About Casella Waste Systems:
Casella was founded in 1975 as a single truck operation in Rutland, Vermont. In 1977, Casella opened the first recycling facility in Vermont. The company has remained under the same management for over 40 years. Over time Casella’s footprint has grown to include six states. Casella’s mission is to create value for its customers, communities, and the company by Giving Resources New Life®. Casella provides resource management expertise and services to residential, commercial, municipal and industrial customers in the areas of solid waste resource collection, recycling, organics, energy recovery and disposal.
Co-manager
Charah Solutions IPO
$88,200,000
About Charah Solutions:
With 30 years of experience, Charah Solutions Inc. is a leading provider of environmental and maintenance services to the power generation industry, with operations in fossil fuel and nuclear power generation sites across the country. Based in Louisville, Kentucky, Charah Solutions assists utilities with all aspects of managing and recycling ash byproducts generated from the combustion of coal in the production of electricity as well as routine power plant maintenance and outage services for the fossil fuel and nuclear power generation industry. The company also designs and implements solutions for ash pond management and closure, landfill construction, fly ash sales, and structural fill projects. Charah Solutions is the partner of choice for solving customers’ most complex environmental challenges, and as an industry leader in quality, safety, and compliance, the xompany is committed to reducing greenhouse gas emissions for a cleaner energy future.
Co-manager
Advanced Disposal follow-on
$383,200,000
About Advanced Disposal:
Advanced Disposal, now part of Waste Management (WM), is the fourth largest non-hazardous solid waste management company in the United States, as measured by revenue. The company provides non-hazardous solid waste collection, transfer, recycling and disposal services for residential, commercial and industrial customers across the Southeast, Midwest and Eastern regions of the United States, as well as in the Commonwealth of the Bahamas.
Co-manager
Advanced Disposal IPO
$346,500,000
About Advanced Disposal:
Advanced Disposal, now part of Waste Management (WM), is the fourth largest non-hazardous solid waste management company in the United States, as measured by revenue. The company provides non-hazardous solid waste collection, transfer, recycling and disposal services for residential, commercial and industrial customers across the Southeast, Midwest and Eastern regions of the United States, as well as in the Commonwealth of the Bahamas.
Investment banking and corporate finance services are provided through First Analysis Securities Corporation (“FASC” or “First Analysis Securities”), a subsidiary of First Analysis Corp.