SAN FRANCISCO, May 06, 2024 (GLOBE NEWSWIRE) -- Craft.co (www.craft.co), the supply chain resilience company, today announced a $28 million, five-year agreement with the Secretary of the Air Force to bolster due diligence efforts across the Department of Defense. The Craft platform is being used by the U.S. Department of Defense (DoD) and 23 other federal agencies to conduct due diligence and foreign influence checks on companies that aim to do business with the federal government.
Craft’s supply chain resilience platform simplifies large-scale due diligence efforts by providing a single platform for evaluating and monitoring suppliers across a wide spectrum of risk domains from foreign influence and cybersecurity vulnerability to financial stability and compliance. The platform is powered by an advanced data fabric with more than 1,300 data streams per supplier, a powerful risk engine enhanced by AI-driven insights, and a collaborative workspace that enables sharing and tracking of information internally and across agencies.
Currently, more than 500 government employees across 23 federal agencies including the Under Secretary of Defense’s Research and Engineering (OUSD R&E), the Office of Commercial and Economic Analysis (OCEA), the Air Force's AFWERX, the Air Force Research Laboratory, the Defense Logistics Agency (DLA), and the Missile Defense Agency (MDA), are using Craft in support of the SBIR program to enhance their due diligence practices.
"The Craft platform has helped OCEA set the standard for due diligence at scale within the Department of Defense," stated Jeff Hubert, Director Office of Commercial and Economic Analysis (OCEA). "In addition to simplifying initial supplier evaluations and ongoing monitoring, the platform facilitates collaboration and knowledge sharing between agencies allowing for a deeper understanding of risk across all categories from foreign influence to cybersecurity, and financial instability."
OCEA has used Craft’s platform to evaluate and monitor more than 35,000 organizations seeking to do business with the federal government through the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs. The programs provide funding to domestic companies in the private sector to encourage research and high-tech innovation. To date, Craft’s platform, which includes premium foreign influence data from Strider, Bluefoot, and Pitchbook, has flagged approximately 15 percent of applicants for additional vetting, demonstrating the platform’s value in identifying potential vulnerabilities and risk.
“Craft is dedicated to providing the most comprehensive platform for identifying, monitoring, and mitigating risk across multiple risk domains while helping support the mission of fostering and protecting technological innovation within the Department of Defense,” said Brian Mackerer, Group Director - Government and Defense Sector at Craft.
In addition to helping federal agencies with supplier intelligence for due diligence, Craft’s platform also includes Supplier Risk Management, and Supply Chain Risk Management solutions for highly-regulated industries in the commercial sector.
About Craft.co
Craft illuminates the path to global supply chain resilience. It empowers businesses to strengthen their supplier networks and supply chains with the industry's most reliable and comprehensive data fabric and advanced risk mitigation engine. Craft's user-friendly platform offers 360-degree visibility to explore and evaluate supplier networks, AI-driven insights to detect and mitigate disruptions, and collaborative tools to enhance supply chain strategies. Procurement and supply chain professionals can confidently navigate regulatory environments, adhere to ethical standards, and ensure business continuity. Headquartered in San Francisco, CA, Craft assists commercial and governmental organizations worldwide in creating more resilient supply chains. For more information about Craft, visit www.craft.co.
Contact: press@craft.co
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