AI-powered supply chain intelligence startup Prewave raises €63M from Hedosophia, Creandum, others

 

Vienna-based Prewave, an AI-powered supply chain intelligence startup, announced on Tuesday that it has secured $67 million (approximately €63 million) in a Series B funding round led by the global investment firm Hedosophia.

Existing investors including Creandum, Ventech, Kompas, Speedinvest, and Working Capital Fund also participated in this round. The new funds will be used to support Prewave’s global expansion and further research and development, following a year in which the company saw a threefold increase in revenue.

Addressing Supply Chain Challenges

Prewave focuses on mitigating the impact of supply chain disruptions caused by natural disasters, labor issues, and more recently, geopolitical instability, workforce shortages, and inflation, which are known to cost businesses between 6-10% of their annual revenue. The startup also addresses the growing complexity of sustainability and supply chain regulations across Europe and globally, which include the EU’s Deforestation Regulation (EUDR), Corporate Sustainability Due Diligence Directive (CS3D), and various national-level provisions like the Conflict Minerals Provision Dodd Frank (US), Loi de Vigilance (France), Lieferkettengesetz (Germany), and VSoTr (Switzerland).

Harnessing AI for Supply Chain Superintelligence

Prewave harnesses the power of AI to deliver superintelligence that transforms business supply chains into more transparent, compliant, and resilient entities. Harald Nitschinger, Co-founder and Managing Director of Prewave, emphasizes the company’s commitment to leveraging data and AI to enhance the transparency, resilience, and sustainability of supply chains. He advocates for using regulatory compliance not just as a checkbox exercise but as a means to strengthen business resilience amidst rapidly increasing regulatory complexities.

Comprehensive AI-driven Platform

Since its inception in 2017, Prewave’s AI-driven platform has been equipped to automatically identify and manage 140 types of risks worldwide, enhancing transparency, compliance, and resilience in supply chains. The platform efficiently maps, scores, and monitors millions of supply chain nodes and utilizes AI to detect risk signals from a variety of data sources including news, social media in over 400 languages, company certifications, and government data feeds. This comprehensive approach provides real-time predictive and reactive alerts with actionable recommendations for managing supply chain risks.

Investor Confidence and Future Prospects

The investment round reflects strong confidence in Prewave’s potential. Sabina Wizander, Partner at Creandum, commented on the importance of full supply chain visibility, especially given the current global challenges such as expanding regulations, geopolitical instability, and climate change. She noted Prewave’s strong customer traction and believes the new investment will significantly boost the company’s growth.

Prewave continues to advance its mission to provide a holistic solution that encompasses all aspects of supply chain risk management, from identification and mapping to mitigation and reporting, thereby reducing the workload associated with traditional, manual compliance approaches.

Source: siliconcanals.com

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