Vienna-based AI-powered supply chain intelligence startup Prewave has successfully raised €63 million ($67 million) in a Series B funding round led by Hedosophia, with participation from existing investors Creandum, Ventech, Kompas, Speedinvest, and the Working Capital Fund.
This funding aims to support Prewave’s global expansion and further product research and development, following a threefold revenue increase in 2023.
Addressing Complex Supply Chain Challenges
Prewave was founded to tackle the persistent challenges of supply chain disruptions caused by natural disasters, labor issues, geopolitical instability, workforce shortages, and inflation. These disruptions can cost businesses 6-10% of their annual revenue. Additionally, new sustainability and supply chain regulations, such as the EU’s Deforestation Regulation (EUDR) and Corporate Sustainability Due Diligence Directive (CS3D), impose complex reporting and compliance requirements.
Harald Nitschinger, Co-founder and Managing Director at Prewave, stated, “We believe that data and AI can significantly enhance supply chain transparency, resilience, and sustainability, driving global economic progress. Businesses should use regulatory compliance as a tool to build resilience rather than merely ticking boxes.”
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Innovative AI-Driven Solutions
Founded in 2017, Prewave offers an AI-powered end-to-end solution that identifies and manages 140 global risk types, helping businesses create more transparent, compliant, and resilient supply chains. The platform addresses various risks, including natural disasters, financial stress, cyber risks, and legal issues, as well as sustainability and ESG compliance.
Prewave’s AI engine maps, scores, and monitors millions of supply chain nodes, detecting risk signals from diverse data sources such as news, social media, company certifications, annual reports, and government data. The platform provides real-time predictive and reactive alerts with recommended actions, enabling effective end-to-end risk management.
Supporting Strategic Growth
The funding will enable Prewave to leverage its momentum and expand its team, capabilities, and market reach. Sabina Wizander, Partner at Creandum, noted, “Global supply chain visibility is crucial given expanding regulations, geopolitical instability, and climate change. Prewave has the best product to meet this need, as demonstrated by its strong customer traction. This new investment will turbocharge their growth.”
With this significant investment, the austrian company is poised to continue revolutionizing supply chain management through advanced AI technology, supporting businesses worldwide in building more resilient and sustainable supply chains.
