Bendi Software Limited, a Birmingham-based supply chain risk management company, has successfully raised £815,000 in a seed funding round. The round was led by a £230,000 investment from the West Midlands Co-Investment Fund (WMCO), managed by Midven, part of Future Planet Capital. This investment will be used to further develop Bendi’s AI-powered ESG risk management software, Prism, and to expand the company’s team and market reach.
AI-powered ESG risk management software
Bendi’s flagship AI-powered ESG risk management product, Prism, is designed to address a significant challenge for businesses: identifying and managing ESG (Environmental, Social, and Governance) risks hidden within complex global supply chains. This challenge is particularly acute for large retailers with multi-tiered supply chains, where issues such as forced labour, health and safety violations, and environmental non-compliance can be difficult to detect. Prism utilises advanced AI to analyse vast amounts of data, mapping a brand’s entire supply chain network. This allows the software to pinpoint potential ESG risks at specific locations and suppliers, providing real-time risk alerts and enabling companies to proactively manage and mitigate these issues.
“Large retailers are under pressure to improve their corporate social responsibility,” said Richard Parker, Mayor of the West Midlands and Chair of the WMCA. “Bendi has created a useful tool to detect malpractices and help companies deliver sustainable practices, improve community cohesion, and minimise carbon footprints.”
Managing modern supply chain ESG risks
For many large multinational retailers, assessing the ESG credentials of all suppliers and their sub-suppliers has become increasingly difficult due to the complex, multi-level structure of modern supply chains. Bendi’s Prism software stands out by offering dynamic data analysis that goes beyond traditional risk management and supply chain modelling solutions, which often rely on static, country-level national indexes. According to recent findings, 85% of UK companies believe their current supply chain capabilities fail to deliver on traceability, underscoring the need for innovative solutions like Prism.
“This funding will be instrumental in supporting the development of our Prism software and enabling us to expand our team, enhance our product offering, and explore new market opportunities,” said Mandeep Soor, CEO and Co-Founder of Bendi. “We are confident that Prism has the potential to revolutionise the way businesses approach data intelligence, and we are excited to take the next step on our journey with the support of the WMCO.”
Supporting innovation in the West Midlands
The West Midlands Co-Investment Fund was established by the West Midlands Combined Authority (WMCA) and the West Midlands Pension Fund to support SMEs with high-growth potential that can contribute to the regional economy. Managed by Midven, part of Future Planet Capital, the fund provides equity investments of up to £1M, matched on a 1:1 basis by private co-investment. The support from WMCO will allow Bendi to integrate deep learning into its software, enhancing the sophistication of its risk detection capabilities. Additionally, the investment will fuel the development of new features, such as predictive risk alerts, and support Bendi in expanding partnerships and exploring new markets.
“Bendi’s Prism software has the potential to be a game-changer in the data intelligence space, and we are confident in the team’s ability to deliver on their vision,” said Daniel Gaize, Associate at Midven, and Future Planet Capital. “This investment aligns perfectly with our mission to support innovative and high-growth businesses in the West Midlands.”
Bendi’s path forward
With this new investment, Bendi is well-positioned to continue refining its AI-powered ESG risk management solution, making it a critical tool for businesses navigating the increasingly complex landscape of global supply chains. As companies face growing pressure to meet ESG standards, Bendi’s Prism software offers a timely solution that could significantly enhance their ability to manage risks and ensure sustainable practices throughout their operations.
