Vienna’s AI-powered supply chain risk platform Prewave has raised €18 million in Series A+ funding round to help clients including BMW, PwC, and Lufthansa predict, find, understand, and categorise risks within supply chains.
Leading the €18 million to Prewave’s arsenal of capital is Creandum with existing investors Ventech, KOMPAS, seed+speed, Segnalita, Speedinvest, Working Capital Fund, and xista science ventures reaffirming their trust in Prewaves’ development and direction.
As for putting that €18 million to use, Prewave co-founder Harald Nitschinger explained, “Prewave has pioneered a comprehensive solution for supply chain risk monitoring and compliance, that establishes Prewave as first mover and a key player in the supply chain risk discipline. Now the time has come to become the first true, end-to-end operating system for supply chain risk.”
The Austrian company’s AI-powered platform analyses millions of online sources in more than fifty languages to find, categorise, and directly address the risks that might impact supply chains and incorporates a number of factors including human rights issues, sustainability risks, and legislation compliance, ultimately outputting a dynamic supplier risk score.
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.
On the investment, Creandum Partner Sabina Wizander commented, “Increased disruption, political instability, consumer consciousness, and changing regulation uncover the painful truth that current supply chain risk management is not serving the complex environment in which we live. Prewave has built a first-of-its-kind solution that allows companies to take action on their supply chain in real time. Its dynamic supplier risk score creates much-needed transparency.”