Bendi, an AI-driven platform that helps businesses manage and mitigate business disruption, sustainability challenges and reputational risks in their supply chains, has announced it has raised €960k in pre-seed funding.
Led by Birmingham-based VC Midven, part of the global Future Planet Capital fund, the round was also participated in by Heartfelt Capital in Berlin, Chasing Rainbows in San Francisco, as well as angels and Innovate UK.
The global supply chain management market, which was valued at almost $30 billion in 2022, is projected to reach $85 billion by 2033. Growing supply chain complexities, evolving sustainability standards and increased regulatory pressures have left companies struggling to identify and mitigate risks across their complex and sprawling global supply chains.
Founded in 2020, Bendi addresses the challenge of managing global supply chain risk with its flagship platform, Prism, which automates supply chain mapping and ESG risk assessments. Using AI to identify, analyse, and classify over 100 risk indicators – including human rights violations, environmental hazards, and governance concerns – in real-time across multiple data sources and in over 35 languages, Prism provides businesses with a faster, more cost-effective way to surface risks that may otherwise remain hidden deep within their supply chains.
Historically, supply chain risk management has been a slow, manual process involving supplier questionnaires, indexes and on-site audits to assess supplier practices. These time-consuming methods are limited in scope and depend heavily on supplier cooperation – particularly in the deepest tiers of the chain, where companies lack a direct commercial relationship. Without visibility, businesses often struggle to gather the necessary data which leads to gaps in their risk assessment and can make it difficult to respond proactively to issues as wide ranging as harmful chemical contamination in India, mass embezzlement in South Korea and repeated union busting in Peru.
Bendi’s technology has been developed at a crucial time for companies globally. Recent legislation such as the EU’s Corporate Sustainability Due Diligence Directive (CSDDD) and the US Uyghur Forced Labor Prevention Act (UFLPA) are placing new demands on companies to provide detailed evidence of their supply chain’s sustainable practices and product provenance. Stricter compliance requirements, increased penalties, and the risk of reputational damage are forcing businesses to reassess how they manage their supply chains.
The company was co-founded by CEO Mandeep Soor, a former strategist for the Boston Consulting Group, the British Business Bank and data science startup Pivigo; Chief Research Officer Benjamin Norsworthy who has over 15 years of experience in sustainability with organisations such as Burberry and Global Fashion Agenda; and CTO Olivier Bacs, who has led enterprise-grade software development for companies such as CircleCl and The Economist.
Soor’s passion for addressing labour experience comes from her childhood experience watching her mother work as an informal seamstress for UK high street brands, paid by the piece and earning precarious wages.
She said: “As global supply chains become more complex, the tools to ensure transparency, resilience and sustainability are no longer a nice-to-have, they’re becoming a licence to operate. Our mission is to empower companies to take responsible actions and strengthen their supply chains with ease and efficiency.”
Norsworthy added: “Having experienced the challenges of managing complex supply chains in the fashion industry firsthand, I saw the need for a solution that could provide both deep visibility and actionable insights. Bendi is helping companies not only understand their supply chains but also actively manage risks related to them. This funding will allow us to further enhance our platform, expand our team and extend our capabilities across more industries and more markets.”
Ruper Lyle, Director at Midven, added: “Bendi’s approach to supply chain transparency and risk management is critical in today’s complex and ever-changing regulatory landscape. With global legislation tightening around sustainability and responsible sourcing, Bendi is well-positioned to lead the market. We’re incredibly excited to partner with a team with such huge commercial potential that is simultaneously driving such positive change across so many industries.”
Read the orginal article: https://www.eu-startups.com/2024/10/london-based-bendi-raises-e960k-to-transform-supply-chain-visibility-for-large-retailers-and-manufacturers/
