ICW on digitising the supply chain
The firm works by connecting various international laboratories, making use of its big databases, artificial intelligence and team.
International Compliance Workshop (ICW) is a onestop supply chain service platform that helps businesses with managing massive suppliers and products, researching for regulatory requirements, seeking services from different testing institutes, as well as keeping reports & data.
In April, ICW secured US$2.52m in a series A funding led by MindWorks Ventures, in partnership with the Innovation and Technology Venture Fund Corporation (ITVFC). To date, they have raised a total of US$4m. Its revenues are generated from commission from laboratories and subscription from users.
“Testing and certification are an important part in the supply chain. Stakeholders need to ensure the products and suppliers meet the specified regulatory requirements of different countries, and, to an extent to build consumer’s trust through constantly supply of quality products. However, enterprises often spend much time and resources to deal with trivial matters,” said ICW CEO Gary Lam.
Moving the industry forward
The supply chain industry is still using traditional means and doesn’t leverage technology as much as they should to improve efficiency, according to Lam, who seeks to turn this around.
“As our name stands, we want to facilitate supply chain compliance in the international market and workshop means interactive, which means it cannot be done by only ICW, but it should be an interaction and collaboration with stakeholders, from retailers, importers, brands to manufacturers,” he added.