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Austrian startup Prewave snaps $67M to mitigate supply chain risks using AI

Prewave cofounders
Picture credits: Prewave

Prewave, an Austrian AI-enabled sustainability, risk, and compliance platform, has raised $67 million in Series B funding. The global investment firm Hedosophia (backed Monzo and Terra One) led the round with participation from existing investors Creandum, Ventech, Kompas, Speedinvest, and Working Capital Fund. 

This follows the €18 million Series A+ investment raised last year and €11 million investment secured back in 2022. 

The new funding will drive Prewave’s next global growth phase and support further product R&D on its proprietary AI technology to deliver the world’s only supply chain superintelligence platform.

Sabina Wizander, Partner at Creandum, commented, “We saw during the pandemic how vulnerable global supply chains can be. Full supply chain visibility is a top C-suite priority especially given expanding regulations, geopolitical instability, and climate change. Prewave has the best product to meet this business need, as shown by the traction it is getting with customers. They have strong momentum and this new investment is going to help turbocharge their growth.”

What challenge does it tackle?

Supply chain disruptions have long posed significant operational challenges for businesses. In addition, growing geopolitical instability, workforce shortages, and inflationary pressures have dramatically heightened supply chain risk in recent years, with disruptions estimated to cost businesses 6-10% of their annual revenue.

On top of that, businesses in Europe and across the world face a wave of new sustainability and supply chain regulations, each imposing complex reporting and compliance requirements, along with potentially crippling penalties for breaches. 

Prewave solves this problem by harnessing the power of AI to deliver supply chain superintelligence that can transform businesses’ supply chains to become more transparent, compliant, and resilient.

AI-powered supply chain risk platform

Prewave was founded by Harald Nitschinger and Lisa Smith in 2017 in Vienna, Austria. The company offers an end-to-end solution, which differentiates the company as a category leader. While many providers still rely heavily on manual inputs or legacy technology, The next-gen platform automatically maps, scores, and monitors millions of supply chain nodes. 

It is touted to be the world’s only future-ready sustainability, risk, and compliance platform, capable of identifying and helping businesses manage 140 risk types on a global scale. This includes issues affecting resilience and causing disruption (natural disasters, financial stress, cyber risks, accidents, and legal issues), risks around sustainability and ESG, and compliance with a growing number of national and international regulations. 

By identifying, analysing, mitigating, and reporting risks, the platform provides a complete end-to-end approach for a more transparent, resilient, and sustainable supply chain. 

Prewave has expanded rapidly, achieving 3x annual revenue growth in 2023. Over 200 companies, including Lufthansa, Toyota, Ferrari, and Dr Oetker, already rely on this solution to remain compliant and enhance the resilience and sustainability of their supply chains.

Commenting, Harald Nitschinger, Co-founder and Managing Director at Prewave, said: “We founded Prewave because we are convinced that data and AI can play a major role in making supply chains more transparent, resilient and sustainable – and help to power the vital currents of global economic progress. We believe that in the face of rapidly accelerating regulatory complexity, businesses shouldn’t be aiming to take a tick-box approach but to use regulatory compliance as a vehicle to become more resilient.”

What do we think about Prewave?

The company disrupts supply chain management with its AI-enabled risk platform by addressing critical issues of transparency, compliance, and resilience. By identifying and mitigating 140 risk types globally, Prewave empowers businesses to navigate complex regulations and enhance sustainability. Their rapid growth and adoption by major companies underscore their pivotal role in transforming supply chain dynamics.

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