Belgian AI software startup Timefold has raised €6 million from Lakestar, one of the leading pan-European venture capital firms, and prior seed investor Smartfin, to accelerate the development and commercialization of its AI-powered planning optimization platform.
Across the globe, businesses and government entities ranging from airports, rail companies, and emergency services depend on effective scheduling to ensure smooth operations and keep societies functioning. Timefold has identified the widespread issue that companies are wasting time, money, and efficiency because there is no planning optimization platform which is both easy to use, and easily integrates within existing infrastructure.
Timefold’s ‘PlanningAI’ platform intends to rid the world of wasteful scheduling by offering an easy, low-friction approach to tackle complex, large-scale planning problems within enterprise environments, eliminating lengthy development cycles and costly dependency on consultancy retainers through the use of AI.
Timefold builds on the legacy of OptaPlanner, an open-source project created by Timefold’s CTO and co-founder, Geoffrey De Smet, previously under IBM Red Hat. Having developed one of the most widely used optimization solvers in the world, De Smet identified a significant unmet need in the space.
Geoffrey De Smet, CTO and co-founder of Timefold, said: “Planning is everywhere and often hidden in plain sight, yet efficient schedules are rare. From the field service technician coming to fix your boiler, to the plane assigned to your next flight: schedules run the world. We are tackling complex planning problems by providing out-of-the-box planning models for IT teams to run, test, and configure easily. It is easy to use, no math, and no need for consultants. Our API plugs seamlessly into your software, and with Lakestar’s backing, we can help businesses deploy planning that increases productivity, improves employee happiness, and reduces carbon emissions.”
Maarten Vandenbroucke, co-founder and CEO of Timefold, added: “Typically, companies are left with two extreme choices: build their own models which take long development cycles and costly consultancy retainers, or use underpowered automation tools. With Timefold, neither is necessary. We have enterprise-ready models for field service routing, employee scheduling, production planning, and more in development. Our clients are already achieving better outcomes, and faster time-to-market, which significantly reduces risk from their end.”
Timefold already boasts an impressive client roster from some of the world’s most notable companies, including Palantir, as well as global organizations such as NEC, ADP, and Deutsche Bahn.
Enrico Mellis, Principal at Lakestar, said: “Geoffrey’s life’s work has been to revolutionize how complex NP-hard problems are addressed, saving enterprises, governments, and infrastructure providers hundreds of millions of euros annually. For 18 years, his leading open-source technology has optimized critical operations, scheduling shifts for thousands of police officers, routing millions of parcels, assigning gates at major airports, and planning national train timetables.”
Timefold has recently onboarded senior product, financial, commercial and marketing executives from top Belgian software companies like Showpad, Tinder, Qualtrics, Match Group, Techwolf, Paperbox and RightCrowd to help reach its ambitious goals.
Read the orginal article: https://www.eu-startups.com/2024/09/ghent-based-timefold-raises-e6-million-for-planning-optimization-software/
