TEL AVIV, March 28 (Reuters) - Citi's venture capital arm Citi Ventures and Canaan Partners Israel have invested in Contguard, a provider of shipment monitoring and business-intelligence services.
The companies did not disclose the amount of the investment.
Contguard said on Wednesday the new funds will enable it to accelerate development of its technology to help the international trade industry gather insights into product shipments and to develop partnerships with banks and insurers.
Contguard estimates that at any point in time, more than $500 billion of manufactured goods are in transit and out of supply-chain oversight, based on data from the World Trade Organization and International Maritime Organization.
Resulting inefficiencies and losses cost hundreds of billions of dollars annually, the Israeli company said.
Contguard's customers include firms in the pharmaceutical, food, and automotive industries. (Reporting by Tova Cohen; Editing by Steven Scheer)