New York, NY – 8:00 AM EST, October 28, 2021 – Partsimony is pleased to announce the successful close of a $2M Seed round, led by Closed Loop Partners’ Ventures Group with participation from Contour Ventures, Urban Us, and other top institutional and angel investors. Partsimony is a SaaS network that unifies disparate data from multiple sources to more efficiently manage hardware from prototype through production, bringing superior intelligence to manufacturing supply chains.

Today, hardware companies are dealing with a paradigm shift happening in manufacturing supply chains, witnessing:

• Increases in Commodity Volatility. Volatile raw material costs impact the availability of basic component parts. Banks expect commodity prices to rise ~10% in the next year with Copper up 90%+ from 2020 (Bloomberg). The uncertainty of component availability impacts engineering designs, production schedules and costs. 
• Increases in Frequency and Severity of Supply Chain Risks. Unknowns are the new norm. 94% of Fortune 1,000 companies are still seeing residual supply chain disruptions from COVID-19 (Accenture). Supply chain disruptions are becoming more frequent with increasing climate-related disasters, too. 
• Growing Geopolitical Disruptions. Product costs are driven up by external factors (i.e. reshoring, trade wars, taxes/customs duties, etc.), with additional scope 3 emissions requirements underway.

Executives in the industry recognize that “We’ve been so optimized the last 3 decades on low cost supply that we’ve lost track of resilient supply” (Axios). In this new paradigm, supply chain resilience and speed in decision-making will be an immense competitive advantage for hardware companies. Partsimony is building a cognitive manufacturing supply chain that leverages transactional data to provide deep insights around Manufacturer Discovery, Design Intent, and Supply Chain Resilience.

Similar to a “SaaS hive mind,” Partsimony is building proprietary machine learning models that provide tailored recommendations for both hardware companies and manufacturers, based on their given component design files and manufacturer networks. This enables Partsimony to provide hardware companies with an intelligent manufacturing supply chain infrastructure that is more quickly adaptable to disruptions. 

Partsimony has already been tested and adopted by startups and large enterprises alike. Partsimony uniquely works with a hardware company from initial prototypes up through full-scale production. Case studies from closed beta tests show that the results achieved with Partsimony have saved over 96% in cost reductions and months in lead time.

“Sourcing the right parts on complex hardware products is difficult and has never been more important in this global chaotic and disrupted supply chain. Partsimony’s strong value proposition solves difficult and complex requirements by connecting designers and innovators with manufacturers in a collaboration process that creates intended design outcomes in a cost effective, high quality, and repeatable manner.”

— Marty Guay, Vice President of Business Development, STANLEY BLACK & DECKER

“Partsimony is critical for our business; the platform allows us to spend more time focusing on design improvements than on searching and communicating back and forth with prospective manufacturers.”

— Sam Miller, Founder & CEO, PROTEUS MOTION

The Seed funding will help Partsimony capitalize on this unique moment in global supply chain development and enable manufacturing supply chains to be more resilient.

“We are thrilled to bring Closed Loop Partners’ Ventures Group into the Partsimony family as a partner who brings industry connections, guidance and their fundamental thesis of circular economy to the table. Closed Loop Partners shares our vision of digitizing, optimizing and regionalizing supply chains for efficient and sustainable hardware production,” said Partsimony CEO, Rich Mokuolu. 

“Closed Loop Ventures Group is pleased to have Partsimony as a part of our portfolio. They are meeting a critical need for hardware companies and manufacturers to design with more recycled materials, with less waste, and for recoverability. Their platform aligns with macrotrends of shorter supply chains, more rapid product turns, and increased responsiveness and resiliency to supply chain disruptions,” said Danielle Joseph, Executive Director, Closed Loop Partners. 

This funding round will allow Partsimony to scale their SaaS platform beyond beta and drive value for repeat and new customers. Partsimony is actively working with customers across the automotive, aerospace, robotics, and medical device product segments, and they are open to speaking with all companies building complex hardware products.

About Partsimony

Partsimony is a SaaS network that unifies disparate data from multiple sources to efficiently manage hardware from prototype through production and bring superior intelligence to manufacturing supply chains. Partsimony enables hardware companies and manufacturers to make smart decisions faster, and enhance their supply chain resilience. Learn more at https://www.partsimony.com/ 

About Closed Loop Partners

Closed Loop Partners is a New York-based investment firm comprised of venture capital, growth equity, private equity, project finance, and an innovation center focused on building the circular economy. Investors include many of the world’s largest consumer goods companies and family offices interested in investments that provide strong financial returns and tangible impact. Learn more at www.closedlooppartners.com.

Press Contact

[email protected] 

Rich Mokuolu, Partsimony CEO

MILLVILLE, N.J., Oct. 22, 2021 — The Authority constantly strives for innovation with the goal of “improving your tomorrow.” Its latest project is the new 12,000 square-foot, small-scale Materials Recovery Facility (“MRF”) named New Leaf and located within the Solid Waste Complex of The Authority at 169 Jesse Bridge Road. It will sort, bale, and ship to market valuable local recyclables—including paper, plastic, glass, and metals—from our existing single-stream county recycling program, and it is the first such facility on the East Coast.

In a public-private partnership, The Authority teamed up with circular economy-focused investment firm, Closed Loop Partners, and Canusa Hershman, a leading recycling company, to finance New Leaf, which will empower communities to manage valuable materials locally through small-scale recycling units, manufactured by Revolution Systems. These patented recycling units are less capital intensive than traditional large-scale recycling facilities, with a unique revolving table that aids the sorting process of recyclables. They can capture recyclables that might otherwise escape the initial sorting process, as their design enables multiple chances at recovery rather than just the one chance on a traditional MRF’s linear conveyor belt. In turn, this increases the volume of recyclables recovered and reduces landfill waste.

“Enhancing local recycling capabilities enables the community to benefit from new revenue opportunities, a healthier environment, and new jobs,” says Ron Gonen, Founder & CEO of Closed Loop Partners. “We’re proud to work with The Authority and Canusa Hershman to accelerate a more modern, resilient future for recycling, rethinking the status quo and championing new designs and local, small-scale facilities. This will be a critical part of building a more circular economy that keeps valuable materials out of nature and landfills, and in manufacturing supply chains.”

The MRF at The Authority currently receives an average of 65 tons of recycling material per day and has the potential to scale in anticipation of future growth in Cumberland County. Moreover, the MRF operates onsite at the Solid Waste Complex, deriving its energy from the gases harvested from the landfill also located onsite. Localizing MRF operations eliminates transferring recyclables to another MRF outside of the county, which is an improvement to environmental sustainability and to financial responsibility through lower trucking emissions and lower trucking costs. It is estimated that by localizing the new Mini MRF it will help avoid 1 million miles of trucking over the life of the contract. Regarding the bales headed for market, The Authority shares in their sale price and intends to invest this newfound revenue in future projects for the county.

“It’s been our mission to protect the local environment and simultaneously to improve the economic viability of Cumberland County,” said The Authority President & CEO, Gerard Velazquez, III. “The MRF fulfills both aspects of this mission elegantly, and we believe that it demonstrates a willingness to chart our own course toward a better future.”

The MRF begins its operations in earnest today, but it already has had an impact on our local economy, thanks to new full-time jobs at the facility that management intends to fill with local talent.

Joseph Derella, Director of the Cumberland County Board of Commissioners, described the new MRF as an example of “green technology job creation” stating, “The Authority continues to be an engine of innovation for our county by laying the foundation for sustainable and smart economic growth.”

Deputy Commissioner Darlene Barber added, “The people of Cumberland County can be proud of The Authority’s leadership in taking this giant step in our goal to create a sustainable future.”

Finally, Mayor Abigail O’Brien of our host township of Deerfield commented, “Partnerships that promote innovation, sustainability, and job creation for our residents will always have a home in Deerfield Township.”

About The Authority
In addition to its environmental related initiatives, The Authority is responsible for the development, financing and project management of projects and programs most vital to sustaining the economic and environmental future of Cumberland County and the State of New Jersey. The Authority works in tandem with the Cumberland County Board of Chosen County Commissioners to foster greater economic growth, business development, and quality of life for all Cumberland County residents.

About Canusa Hershman
Canusa Hershman Recycling is an industry leading trader of recovered fiber, plastics and other recyclable commodities, which utilizes more than a century of market experience to deliver creative and reliable solutions to its trading partners around the world. In addition to recyclable commodities trading, Canusa Hershman has extensive experience in successfully operating material recovery facilities while, through affiliates, is also actively engaged in trading other sustainable commodities including containerboard and industrial resins. If you’re interested in learning more, please contact Val Jones at [email protected].

About Closed Loop Partners
Closed Loop Partners is a New York-based investment firm comprised of venture capital, growth equity, private equity, project-based finance and an innovation center focused on building the circular economy. The firm has built an ecosystem that connects entrepreneurs, industry experts, global consumer goods companies, retailers, financial institutions and municipalities, bridging gaps and fostering synergies to scale the circular economy. Learn more at www.closedlooppartners.com.

Contact
Ben Robinson, Economic Development Liaison
The Authority
745 Lebanon Road
Millville, NJ 08332
856-825-3700 x1234
[email protected]

SOURCE The Authority

Last night four heroes of the reuse movement were announced as winners of the National Reuse Awards (aka The Reusies) among an audience of policymakers, investors, corporate and NGO leaders, and other influential attendees working towards a world without waste. The virtual awards show was presented by Upstream, a non-profit sparking innovative solutions to plastic pollution, in partnership with Closed Loop Partners, a circular economy-focused investment firm and innovation center.

“Never has recognition of heroes in the reuse movement been more crucial as we experience the multiple effects of climate change and plastic pollution in the air, on land and in our oceans,” said Matt Prindiville, CEO and Chief Solutioneer at Upstream. “The recipients of The Reusies are true trailblazers and game-changing innovators of the growing reuse economy. In the not-too-distant future, our hope is that the leaders we’re honoring today will have scaled reuse systems and passed policies in communities throughout the world that make it possible to get what we want and need without the waste.”

Recipients of The Reusies accepted their honor during a one-hour event hosted by TV personality and science communicator Danni Washington. The winners are:

• Activist of the Year: Crystal Dreisbach

  Crystal founded Don’t Waste Durham and has since created GreenToGo, Bull City Boomerang Bag, and The ReCirculation Project. She helps lead their policy work on bags and serviceware and, in 2020, co-founded the Reuse Systems Alliance made up of 35+ reuse companies around the world. Crystal uses her activist platform to build awareness and catalyze action by running workshops and giving talks to a wide range of audiences. “Change is made by demonstrating that new, better ways are possible!”

• Fan Favorite Reuse Company (which was based 100% on public vote): Plaine Products

  Plaine Products is working to make the world less trashy with its reusable aluminum containers for hair and body care products. The bottles are made to be durable so they’re not damaged when customers ship them for refilling. They’re also easily cleaned so they’re safe to use multiple times over.

• Most Impactful Community Leadership: Reusable LA

  Reusable LA is a coalition of organizations working to reduce plastic pollution in Los Angeles to safeguard public health, communities, and the environment. They use legislative advocacy, outreach, and community engagement to promote reuse and refill in Los Angeles and to reduce waste from single-use plastic products and packaging. Reusable LA has taken a leadership role in promoting reusables through policy advocacy with campaigns like #SkiptheStuff and ensures its tools and resources reach LA’s diverse communities.

• Most Innovative Reuse Company: Rheaply

  A leader in the circular economy, Rheaply is a Chicago-based technology company that enables organizations to share and manage underutilized inventory in a more cost-efficient, collaborative, and connected manner. With Rheaply’s Asset Exchange Manager (AxM)TM, organizations can gain transparency about and re-utilize available assets, reducing procurement & storage costs, and avoiding unnecessary waste.

Added Bridget Croke, managing director at Closed Loop Partners: “Scaling reuse systems is critical if we are to address the mounting global waste challenge. The winners of The Reusies demonstrate how individuals and organizations are paving a better pathway forward, working to protect our precious planet by keeping valuable materials in play and out of landfills and the environment.”

The awards were interspersed with thought leadership panels, moderated by Washington, discussing the importance of advancing a more circular economy that included Prindiville and Croke, alongside visual artist and activist Benjamin Von Wong and  Fast Company senior staff writer Elizabeth Segran.

The inaugural show also featured a performance by singer Kori Withers, followed by a virtual party and networking reception for VIPs (“Very Important Protectors” of the planet). For those who could not attend and would like to view bonus footage of the evening’s panels, go to Upstream’s YouTube channel. You can learn more about all the finalists and what was featured in the show by visiting The Reusies official event program. There will also be an episode on The Indisposable Podcast with the full panel discussion in the future; to sign up to receive more information, visit https://upstreamsolutions.org/sign-up.

“The simple fact is that the planet is our spaceship. If we can reconnect people back to the planet, back to earth, back to nature, and see the importance of shifting out of this mode of extinction and wasteful practices, that reconnection will invigorate the reuse movement even more,” commented Washington.

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About Upstream: 

Upstream is an environmental non-profit sparking innovative solutions to plastic pollution by helping people, businesses and communities shift from single-use to reuse. The organization’s first-ever National Reuse Awards (aka The Reusies), will took place virtually on September 30.To learn more about all Upstream programs, visit www.upstreamsolutions.org and follow on Instagram, Facebook, Twitter, LinkedIn, YouTube.

About Closed Loop Partners:

Closed Loop Partners is a New York-based investment firm comprised of venture capital, growth equity, private equity, project-based finance and an innovation center focused on building the circular economy. The firm has built an ecosystem that connects entrepreneurs, industry experts, global consumer goods companies, retailers, financial institutions, and municipalities, bridging gaps and fostering synergies to scale the circular economy.