London-based AI startup Solvo.ai has raised $4m (£3.47m) in a seed round to commercialise its automated supply chain technology.
Since Covid-19, global supply chain issues have led to shortages in everything from semiconductors to sriracha. Solvo.ai was founded by Gaurav Bajaj and Dongho Kim to smooth out the economic, political, and environmental factors that impact the efficiency of supply chains.
Its flagship product is an AI-powered pricing engine for enterprises. The company claims the human-influenced automated decision-making platform can help logistics firms adapt to new conditions and recover from disruptions quickly.
“Logistics is a $5tn industry and the backbone of global trade. But the disruption caused by Covid-19, trade wars, and the conflict in Ukraine has shown just how vulnerable supply chains are,” said Solvo.ai CEO and co-founder Gaurav Bajaj.
“With the accelerating impact of climate change and pressures around the transition to net zero and sustainability, the future looks even more uncertain and complex.”
The seed round was led by Speedinvest and Frontline ventures and will go towards scaling the commercialisation of the company’s first product.
“There is huge potential in using machine learning to discover new patterns in supply chains that can revolutionise business,” said Rick Hao, partner at Speedinvest
“The latest developments in deep learning make it possible to capture these patterns through algorithms and identify the most influential factors in supply chain ecosystems, while constantly learning in the process.