Prewave, an AI platform that assists companies in identifying, classifying, and forecasting risks affecting their suppliers, has secured €11 million in Series A funding.
The early-stage investors aws Gründerfonds, IST cube, seed + speed, Segnalita, Speedinvest, and Working Capital Fund also participated in the round, which was co-led by KOMPAS and Ventech.
The funds will be used by the business to increase its capacity for supply chain analysis and promote client growth in new European markets. Prewave wants to expand its personnel count by the end of the year and will use the investment to acquire additional talented individuals.
Dr. Lisa Smith, co-founder, and CEO of Prewave, stated:
“As businesses manage globally dispersed suppliers, the need for openness across the whole supply chain is clear. We have made it possible for companies to discover supply chain vulnerabilities in real-time so they may act quickly, effectively, and remedially thanks to artificial intelligence and automated language processing.”
Lisa added: “With the support of the additional funding, we will develop a multi-tier supply chain risk solution that covers the entire risk life cycle.
Prewave was started in 2017 as a spin-off from the Vienna University of Technology by Dr. Lisa Smith and Harald Nitschinger. The business searches through millions of internet sources in more than fifty different languages using an AI-powered platform to identify, classify, and immediately resolve supply chain problems.
According to Prewave, it covers a range of risks, such as those related to human rights, sustainability, and supply chain law compliance. The notifications are given directly to the businesses so they can contact suppliers to address problems and minimize interruptions as soon as the danger is discovered.
In the last 10 months, the company’s income has increased tenfold, and the staff size has tripled. The firm works with ABinBev, AUDI, BMW, Porsche, PWC, Toyota, and Zurich Insurance as customers. Kompas is an early-stage venture financing firm that finances the built environment’s industrial automation and digital transformation.
Talia Rafaeli, Partner at Kompas, explains:
“Global supply chains are exposed to more risk than ever before, and this can have major social, reputational, and financial ramifications. The Prewave team has created a technology that enables companies to engage their supply chains in a proactive and caring manner.”
Talia concluded:
“It is becoming more and more important to a company’s success. We are thrilled to be a part of Prewave’s story and look forward to watching them expand from strength to strength because they have a fantastic founding team, cutting-edge technology, and an incredible list of clients.”
Ventech is a cutting-edge, global early-stage venture capital firm with a strong focus on digital.
Stephan Wirries, Partner at Ventech, said:
“Ventech is glad to watch Prewave’s tremendous growth trajectory in a short period, and we are beyond thrilled to repeat our support after its Seed round in 2020. Given the macro trends and rising incidence of supply chain disruptions, Prewave is the answer for companies and their suppliers.”
He continued:
“They are also a great help to businesses in being ready for new and evolving requirements like the German Supply Chain Act. We are ecstatic to work together with the Prewave team and their brilliant duo founders to advance the business and have a good influence on a broader sector of the market.”
