Vienna-based Prewave, an AI-powered supply chain risk platform, has successfully raised €18 million in Series A+ funding to assist its clients, including BMW, PwC, and Lufthansa, in predicting, identifying, comprehending, and categorizing risks in their supply chains.
The funding round was spearheaded by Creandum, with participation from existing investors Ventech, KOMPAS, seed+speed, Segnalita, Speedinvest, Working Capital Fund, and xista science ventures, demonstrating their trust in Prewave's future and strategy.
Co-founded in 2017 by Harald Nitschinger and Lisa Smith, Prewave is a data analytics startup that specializes in predicting supply chain risks using social media data. The company provides a supply chain risk intelligence platform that enables businesses to anticipate, locate, comprehend, and classify risks affecting their suppliers while concentrating on making supply chains more resilient by monitoring and forecasting risks. It provides risk analysis and intelligence on suppliers, transport hubs, and raw materials, allowing for supply chain visibility.
Harald Nitschinger, the co-founder of Prewave, elaborated on how the company plans to utilize the €18 million from the recent funding round, “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 company's AI-powered platform examines millions of online sources in over 50 languages to identify, categorize, and address risks that might affect supply chains, factoring in human rights concerns, sustainability risks, and legal compliance, among other factors. Ultimately, the platform outputs a dynamic supplier risk score.
With this new round of funding, Prewave will be able to expand its services and provide its customers with even more comprehensive supply chain risk intelligence solutions, helping them navigate an increasingly complex and challenging global marketplace.