Prewave, the AI platform that helps businesses predict, find, understand and categorise the risks affecting their suppliers, has raised €11M in Series A funding.
The round was co-led by KOMPAS and Ventech, with participation from early-stage investors aws Gründerfonds, IST cube, seed + speed, Segnalita, Speedinvest, and Working Capital Fund.
Last year, KOMPAS announced a $160M early-stage fund to accelerate developments in digital technology and automation. Besides, Prewave, the European VC has previously invested in Oslo-based SaaS platform Findable, and offsite construction platform Modulize.
How will the funding be used?
The company will use the funds to expand its supply chain analysis capabilities and drive customer acquisition in new European markets. Prewave will also use the investment to hire more talent with plans to double employee numbers by the end of the year.
Dr. Lisa Smith, Co-Founder, and CEO at Prewave, says: “As businesses manage globally distributed suppliers, the need for transparency across the entire supply chain is evident. Thanks to artificial intelligence and automated language processing, we have enabled businesses to identify risks in their supply chain in real-time so they can take quick, effective, and corrective actions. Backed with the new investment, we will take the platform to the next level, creating a multi-tier supply chain risk solution covering the full risk life cycle.”
Identifies risks with AI
Prewave is a spin-off from Vienna University of Technology and was founded in 2017 by Dr. Lisa Smith and Harald Nitschinger.
The company uses an AI-powered platform to analyse millions of online sources in more than fifty languages to find, categorise and directly address the risks that might impact supply chains.
Prewave says it covers various risks, including human rights issues, sustainability risks, and supply chain legislation compliance. Once the risk is identified, the alerts are sent directly to businesses that can contact suppliers to resolve issues and mitigate disruptions.
The company has witnessed a ten-fold revenue growth in the last ten months and tripled the team size. The company serves clients, including ABinBev, AUDI, BMW, Porsche, PWC, Toyota, and Zurich Insurance.
Kompas is an early-stage venture capital firm funding that accelerates digital transformation and industrial automation across the built environment.
Talia Rafaeli, Partner at Kompas says: “Global supply chains are exposed to more risk than ever before, and this can have serious social, reputational, and financial repercussions. The Prewave team has built a platform that empowers businesses to take a proactive and considered approach toward their supply chains. We increasingly see it as critical to a business’s success. With a stellar founding team, state-of-the-art technology, and an impressive list of customers, we are delighted to be part of Prewave’s journey and look forward to seeing them go from strength to strength.”
Ventech is a pioneering early-stage international venture capital firm with a strong digital bias.
Stephan Wirries, Partner at Ventech, says, “Ventech is proud to see Prewave’s impressive growth trajectory in a short period of time, and we are beyond delighted to renew our support after its Seed round in 2020. Prewave is the solution for businesses and their suppliers, given the macro trends and uprise of supply chain disruptions. They are also a fantastic asset for companies’ readiness for current and increasing regulations like the German Supply Chain Act. We are thrilled to continue our partnership with the Prewave team and their visionary binomial founders to lead the company to the next level and positively impact a larger industry.”