Hakio, an AI-powered demand forecasting platform based in Aarhus, Denmark, has announced a €4M seed funding round to enhance its technology for the fashion industry. The investment, co-led by People Ventures and Dreamcraft Ventures, with participation from existing investors Blazar Capital and Founderment, will support Hakio’s expansion into new European markets and the hiring of data scientists and developers for further platform development.
Founded in 2021 by Malte Bjerg Vittrup and Simon Kristensen, Hakio utilizes AI to provide fashion brands with accurate demand forecasts, optimizing inventory management to reduce waste and improve efficiency. The technology aligns production with actual demand, minimizing excess stock and contributing to a more sustainable and streamlined supply chain.
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Tackling Retail Losses with Precision
Hakio aims to address the annual retail losses estimated at €1T or more due to inadequate planning. By optimizing stock levels, the platform reduces overproduction, lost sales, and operational inefficiencies, eliminating manual, non-value-adding work in the planning process.
Co-founder Bjerg Vittrup emphasized the importance of removing bias in creating baseline forecasts and incorporating expert knowledge into a sleek, user-friendly platform. This approach allows fashion brands to increase planning accuracy, reduce operational costs, and free up capital for other uses.
Leveraging Machine Learning for Actionable Insights
The company employs machine learning algorithms to analyze over 150 data variables, including customer behavior and macroeconomic trends. This provides actionable insights and demand forecasts for optimized decision-making in the fashion industry.
Co-Developed with Leading Fashion Brands
Hakio’s platform, co-developed with clients like Jack & Jones and Only, aims to transform the apparel sector by addressing the €800M spent annually on planning and overproduction. With a team of 20, the Danish company plans to more than double its size to amplify its impact and reach a wider customer base.
Co-founder Bjerg Vittrup expressed a commitment to reducing waste and cutting losses due to poor forecasting, stating, “Already, we help brands reduce costs and improve profits, but now, thanks to our new investors, we have the resources and knowledge to further develop and scale Hakio to the next level.”
With this seed funding, Hakio is poised to make significant strides in optimizing inventory management for the fashion industry, promoting sustainability, and enhancing efficiency through its AI-driven demand forecasting platform.
