- Solvo.ai raised $4 million to build its own machine learning technology for the logistics industry.
- The startup aims to help logistics companies build more responsive and resilient supply chains.
- Check out the planned 12-slide presentation that the startup used to raise funds for an initial round below.
British startup Solvo.ai has raised $4 million in seed funding to boost machine learning technology to help logistics companies build more resilient supply chains.
The London-based startup, founded in 2021 by mechanical engineer Gaurav Bajaj and Dongo Kim, a former machine learning engineer at Apple, aims to tackle the growing volatility that has challenged the logistics industry in recent years with artificial intelligence.
Macro issues such as the COVID-19 pandemic and the Ukraine war have exposed a number of weaknesses in logistics supply chains, including a lack of flexibility to respond to fluctuating demand, as well as a lack of resources to address bottlenecks that have imposed inflationary pressures. Economy.
“Logistics is a $5 trillion industry that is the backbone of global trade. But the disruption caused by COVID-19, trade wars and conflict in Ukraine have shown just how vulnerable supply chains can be,” said Solvo.ai Bajaj, CEO.
“With the accelerating impact of climate change and pressures around the transition to net zero and sustainability, the future looks more uncertain and complex.”
To address these challenges, Solvo.ai has developed an initial product called a Dynamic AI-Powered Pricing Engine that acts as a “cross-functional central brain” – a product focused on helping decision makers in this sector gain a better understanding of pricing through technology. that respond to current conditions.
The AI is trained using existing logistics data—whether external market indicators or internal historical data—to give logistics decision makers a more informed set of information about things like demand to quickly adapt to new situations.
Although companies have relied on technology to work through some of these challenges already, Solvo.ai believes that current programs for the logistics sector are “struggling to make optimal decisions under uncertainty,” a problem exacerbated by the fact that the program is “based on Too much on the rules.”
According to the startup, many companies are also relying heavily on more basic technologies such as Excel spreadsheets to map uncertainty.
Solvo.ai raised its new money in an initial round led by European venture capital firms Speedinvest and Frontline Ventures. The startup said it will use the money to accelerate commercialization of its technology while expanding its sales and business development teams.
Check out the planned 12-slide presentation platform used to raise funds below: