The European Innovation Council Fund has co-led a €2.5 million convertible funding round for Sofia's Transmetrics, a logistics optimisation and planning platform.
Transmetrics closed the round with help from co-lead investor Impetus Capital, angel backers and some of its existing investors. It's a graduate from the 2022 EIC accelerator cohort.
Kuehne+Nagel, Matson and DPDGroup have trialled the machine learning platform to optimise certain logistics lines and supply chains, potentially shaving up to a quarter from transport costs while bettering utilisation rates by as much as 14%.
The software applies predictive analytics to find delivery trucks with spare capacity, remedying inefficient fleet utilisation in supply chains.
Hermann Hauser, EIC Fund board member, said: "We are happy to announce our investment in Transmetrics, a leading provider of AI-powered logistics planning software.
"EIC’s ambition is to support cutting-edge innovations that transform industries and drive positive impact. Thanks to EIC funding, Transmetrics can develop its technology, expand its customer base, and help drive sustainability and efficiency in logistics."
Transmetrics has now raised €7.5 million in equity funding and grants since its inception in 2013.
The series A funds will be used to prepare the ground for new strategic partnerships and R&D programmes, aimed at enhancing Transmetrics' AI-powered analytics, forecasting and optimisation tools.
Asparuh Koev, Transmetrics co-founder and CEO, added: "Transmetrics receives this round at a crucial moment for the industry and the company.
"The technological impact on logistics is something that moves the industry forward — we see a lot of logistics companies investing in AI and other technologies to make their business more efficient and future-proof.
"By closing this round, Transmetrics will be at the forefront of this movement, offering state-of-the-art solutions that empower logistics planning and provide tangible value for our clients and the sector as a whole.”