Prewave, a Vienna, Austria-based AI platform that helps businesses predict, find, understand and categorize the risks affecting their suppliers, announced that it raised €11 million in Series A funding.
The round was co-led by KOMPAS and Ventech, with participation from early-stage investors aws Gründerfonds, IST cube, seed+speed, Segnalita, Speedinvest, and Working Capital Fund.
The company will use the funds to expand its supply chain analysis capabilities and drive customer acquisition in new European markets. Prewave will also use the investment to hire more talent with plans to double employee numbers by the end of the year.
Dr. Lisa Smith, Co-Founder, and CEO at Prewave, said: "As businesses manage globally distributed suppliers, the need for transparency across the entire supply chain is evident. Thanks to artificial intelligence and automated language processing, we have enabled businesses to identify risks in their supply chain in real-time so they can take quick, effective, and corrective actions. Backed with the new investment, we will take the platform to the next level, creating a multi-tier supply chain risk solution covering the full risk life cycle."
Prewave has had a successful year, with ten-fold revenue growth in the last ten months, a tripled workforce, and an impressive client list that includes ABinBev, AUDI, BMW, Porsche, PWC, Toyota, and Zurich Insurance.
Company: Prewave GmbH
Round: Series A
Funding Month: September 2022
Lead Investors: KOMPAS and Ventech
Additional Investors: Gründerfonds, IST cube, seed + speed, Segnalita, Speedinvest, and Working Capital Fund
Company Website: https://www.prewave.com/
Software Category: Supply Chain Risk Intelligence
About the Company: Prewave was founded in 2017 by Dr. Lisa Smith and Harald Nitschinger. Prewave is a data analytics startup specializing in predicting supply chain risks from social media data. Prewave uses its AI-powered platform to analyze millions of online sources in more than fifty languages to find, categorize, and directly address the risks that might impact supply chains. The platform covers various risks with suppliers, including human rights issues, sustainability risks, and supply chain legislation compliance. Prewave uses publicly available data from local news, social media, and other sources to understand and report on supply chain hazards.