As businesses manage globally distributed suppliers, the need for transparency across the entire supply chain is evident. Vienna-based AI platform Prewave has raised €11 million in funding to help businesses predict, find, understand and categorise the risks affecting their suppliers.
The investment will be used to expand the platform’s supply chain analysis capabilities and drive customer acquisition in new European markets.
Founded in 2017 by Dr. Lisa Smith and Harald Nitschinger, the Austrian company uses AI-powered platform to analyse millions of online sources in more than fifty languages to find, categorise and directly address the risks that might impact supply chains. The platform covers a wide variety of risks with suppliers including human rights issues, sustainability risks and supply chain legislation compliance. Risk alerts are sent directly to businesses who can contact their suppliers to resolve issues and mitigate disruptions – something that is becoming non-negotiable as supply chain legislation continues to tighten across Europe.
According to the company, it has witnessed ten-fold revenue growth over the last ten months. Its impressive roster of clients includes ABinBev, AUDI, BMW, Porsche, PWC, Toyota and Zurich Insurance.
Dr. Lisa Smith, co-founder and CEO at Prewave said: “Thanks to artificial intelligence and automated language processing we have made it possible for businesses to identify risks in their supply chain in real-time so they can take quick, effective and corrective actions. Backed with the new investment we will take the platform to the next level, creating a multi-tier supply chain risk solution covering the full risk life cycle.”
Talia Rafaeli, partner at Kompas added: “Global supply chains are exposed to more risk than ever before and this can have serious social, reputational and financial repercussions. Prewave has built a platform that empowers businesses to take a proactive and considered approach towards their supply chains and it is something that we are increasingly seeing as critical to a business' success."