- Solvo.ai has raised $4 million to build its machine learning technology for the logistics industry.
- The startup aims to help logistics companies build more responsive and flexible supply chains.
- Check out the 12-slide presentation the startup used to raise its seed round of funding below.
British startup Solvo.ai has raised $4 million in seed funding to push its machine learning technology to help logistics companies build more agile 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 use artificial intelligence to address the growing volatility that has challenged the logistics industry in recent years.
Macro-issues such as the COVID-19 pandemic and the war in Ukraine have exposed many 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 cause inflationary pressures on the economy.
“Logistics is a $5 trillion industry and is the backbone of global trade. But the disruptions caused by COVID-19, trade wars and the conflict in Ukraine have shown how vulnerable supply chains are,” said Solvo.ai CEO Bajaj .
“With the accelerating impact of climate change and pressures to move to 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 acts as a “central cross-functional brain” – a product focused on helping decision makers in the sector, to gain a better understanding of prices with technology that responds to current conditions.
AI is trained on existing logistics data – be it external market indices or internal historical data – to provide logistics decision makers with a more informed set of information about things like demand to quickly adapt to new situations.
Although companies have already relied on technology to address some of these challenges, Solvo.ai believes that existing software for the logistics sector “struggles to make optimal decisions under uncertainty,” and the problem is exacerbated by the fact that software ” mostly rule-based”.
According to the startup, many companies also rely heavily on more basic technology like Excel spreadsheets for uncertainty planning.
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 while expanding its sales and business development teams.
Check out the 12-slide presentation used for the fundraiser below: