VC fund Elev8, ING Ventures and EDB New Ventures, the corporate venture building division of EDB, along with several other investors, will reportedly be investing $2.5 million into Stemly‘s operations.
One of the first projects to have been incubated by ING Labs Singapore in 2018, Stemly was launched to take care of the gap that exists in decision intelligence when it comes to supply chain operations and related finance services.
Run by leveraging autonomous machine learning tech, Stemly’s platform automates forecasting and optimization of a firm or businesses’ supply chain and routine finance processes.
At present, the company has a team of 20 professionals who are working out of offices based in Australia, India, Indonesia, Ireland and Singapore.
Company Co-founder Sanjay Saini stated:
“Businesses are challenged by the uncertainty in supply chains, where demand and supply fluctuations have been amplified by the pandemic of late. Stemly empowers managers to make better and faster decisions in demand forecasting, inventory optimisation and cash flow management, ultimately reducing their operating cost and improving their operational efficiency.”
Saini added that the Fintech is assisting companies or businesses with saving as much as 10% to 40% of their cost of inventory and working capital. This is reportedly the equivalent of tens of millions of dollars in certain cases. The company is able to help firms save money by embedding automatic machine learning in their forecasting and optimization apps.
Olivier Guillaumond, Global Head of Innovation Labs and Fintechs at ING, remarked:
“Stemly’s growth from ING Labs Singapore has been another success story of innovation at ING. Insight into demand forecasting, supply chain optimisation, and cash flow forecasting is helping to build resilience in the businesses of our customers.”