Prewave, an AI-enabled sustainability, risk and compliance platform, has raised €63 million in its Series B funding round, led by the global investment firm Hedosophia, with participation from existing investors Creandum, Ventech, Kompas, Speedinvest and Working Capital Fund. The new funding will be used to drive Prewave’s next phase of global growth and to support further product R&D on its proprietary AI technology to deliver the world’s only supply chain superintelligence platform.
Supply chain disruptions – from natural disasters to labor issues – have long posed significant operational challenges for businesses. Adding to this, 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. Some of these are the EU’s Deforestation Regulation (EUDR) and the EU’s Corporate Sustainability Due Diligence Directive (CS3D).
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.
Prewave stands as 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.
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.”
Prewave has expanded rapidly on the back of strong demand across Europe, achieving 3x annual revenue growth in 2023. Over 200 companies, including Lufthansa, Toyota, Ferrari and Dr Oetker, already rely on Prewave to remain compliant and enhance the resilience and sustainability of their supply chains.
Sabina Wizander, Partner at Creandum, added: “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, shown by the traction it is getting with customers. They have strong momentum and this new investment is going to help turbocharge their growth.”
Read the orginal article: https://www.eu-startups.com/2024/06/vienna-based-prewave-raises-e63-series-b-to-deliver-supply-chain-superintelligence-for-compliance/
