AI firm Prewave has raised $67 million in a Series B funding round. The funding was led by Hedosophia, with participation from existing investors Creandum, Ventech, Kompas, Speedinvest, and Working Capital Fund.
The company said the money will be used to enable its next phase of global growth and to support further product R&D on its proprietary AI technology.
Prewave claims to be the world’s only “future-ready sustainability, risk and compliance platform, capable of identifying and helping businesses manage 140 risk types on a global scale.”
The company explains that supply chain distruptions from geopolitical strife to labor issues to shipping to inflation and more have long increased supply chain risk. Disruptions are said create a 6 to 10% lost for business revenue.
Prewave says it can solve these problems by harnessing the power of AI to deliver supply chain “superintelligence” that can transform businesses’ supply chains to become more transparent, compliant, and resilient.
Prewave shares that its platform can generate real-time predictive and reactive alerts, along with recommended actions for customers’ supply chains, risky suppliers, and sub-tier networks.
The company reports that currently, more than 200 companies, including Lufthansa, Toyota, Ferrari, and Dr Oetker, rely on Prewave to remain compliant and enhance the resilience and sustainability of their supply chains.
Harald Nitschinger, co-founder and Managing Director at Prewave says they founded the company because they believe they can leverage data and AI to make supply chains more resilient.
“We believe that in the face of rapidly accelerating regulatory complexity, businesses shouldn’t be aiming to take a tick-box approach, but to use regulatory compliance as a vehicle to become more resilient. We’ve seen strong demand from leading European brands who have recognised that Prewave can help them protect their reputation, improve performance and increase profitability. This funding will now allow us to accelerate our global expansion, with the US market our top priority for growth.”
