Kavida AI, a London, UK-based supply chain startup, secured $1.1 million in seed funding to enhance its platform with the artificial intelligence tool ChatGPT. This investment brings Kavida AI its total funding to $1.5 million.
The round was led by Qima, with participation from Red Bus Ventures and several angel investors, including Chris Adelsbach, Jack Cresswell, Christopher Carter, Ian Kemsley, Jonathan Davie, Simon Davies, Russell Puttick, and Lord John Nash.
The funds raised will be directed towards enhancing Kavida.ai's innovative supply chain solution, ChatGPT, and will support the recruitment of top-tier talent to strengthen Kavida.ai's team of AI experts and data scientists.
The company helps manufacturers and retailers derisk procurement through its order management systems, allowing users to detect, track, and manage issues with supplier orders before they hurt the business.
“We are thrilled to have secured this investment, enabling us to accelerate a ten-year product vision into an immediate reality," says Anam Rahman, Chief Executive Officer at Kavida AI. "We’re living in unstable times. Disruption in supply chains is commonplace and procurement managers need instant access to data to understand where their order is, when it will arrive and whether there will be any delays or risks. They need to be alerted of these issues before they become a crisis. The ChatGPT and LLM breakthroughs will transform the way users interact with that data. We’re excited to be at the forefront of AI co-pilots for supply chain.”
Company: Kavida Technologies, Ltd.
Round: Seed Round
Funding Month: August 2023
Lead Investors: Qima
Additional Investors: Red Bus Ventures, Chris Adelsbach, Jack Cresswell, Christopher Carter, Ian Kemsley, Jonathan Davie, Simon Davies, Russell Puttick, and Lord John Nash
Company Website: https://www.kavida.ai/
Software Category: Procurement Software
About the Company: Launched in 2020, Kavida.ai leverages advanced AI to revolutionize procurement execution and enhance supply chain resilience. The platform provides real-time risk detection and order tracking, safeguarding businesses from potential disruptions. Eliminating traditional procurement hurdles, Kavida.ai fosters more efficient, lower-risk, and transparent global trade.