- Solvo.ai has raised $4 million to build its machine learning technology for the logistics industry.
- The startup aims to help logistics firms build more responsive and resilient supply chains.
- Check out the 12-slide schematic the startup used to raise a seed round of funding below.
British startup Solvo.ai has raised $4 million in seed funding to scale up its 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 Dongho Kim, a former machine learning engineer at Apple, aims to address the growing volatility that has challenged the logistics industry in recent years through artificial intelligence.
Macro issues such as the COVID-19 pandemic and the Ukraine war exposed a number of weaknesses in logistics supply chains, including a lack of agility to respond to fluctuating demand, as well as a lack of resources to address bottlenecks that have put inflationary pressures on The economy.
“Logistics is a $5 trillion industry and the backbone of global trade. But the disruption caused by COVID-19, trade wars and the conflict in Ukraine has shown how vulnerable supply chains are,” said Solvo.ai CEO Bajaj .
“With the accelerating impact of climate change and pressures around net zero and sustainability, the future looks even more uncertain and complex.”
To address these challenges, Solvo.ai has developed an initial product it calls an “AI-powered dynamic pricing engine” that functions as a “cross-functional central brain” – a product focused on helping decision makers in the sector to make a better understanding of prices through technology that responds to current conditions.
AI is trained with existing logistics data – whether it’s external market indices or internal historical data – to give logistics decision makers a more informed set of information on things like demand to quickly adapt to situations News.
Although companies have relied on technology to meet some of these challenges already, Solvo.ai believes that existing software for the logistics sector “struggles to make optimal decisions under uncertainty,” a problem that is exacerbated by software that is “mainly rule-based.”
According to the startup, many firms also rely heavily on more basic technology, such as Excel spreadsheets to plan uncertainty.
Solvo.ai raised its new funding in a seed round led by European venture capital firms Speedinvest and Frontline Ventures. The startup said it will use the funding to accelerate the commercialization of its technology by expanding its sales and business development teams.
Check out the 12-slide flowchart used to raise the funds below: