- Solvo.ai has raised $4 million to build its machine learning for the logistics industry.
- The startup aims to help logistics firms build more responsive and resilient supply chains.
- Check out the 12-slide pitch deck the startup used to raise the funds in a seed round below.
British startup Solvo.ai has raised $4 million in seed funding to accelerate its machine learning to help logistics companies build more resilient supply chains.
The London-based startup, founded in 2021 by mechanical engineer Gaurav Bajaj and Dongho Kim, a former machine learning engineer at Apple, aims to address the growing volatility that has challenged the logistics industry in recent years through artificial intelligence.
Macro issues such as the COVID-19 pandemic and the Ukrainian war have exposed a number of weaknesses in logistics supply chains, including the lack of agility to respond to changing demand, as well as a lack of resources to deal with bottlenecks that have put inflationary pressures on. the economy
“Logistics is a $5 trillion industry and the backbone of global business. But the disruption caused by COVID-19, trade wars and the conflict in Ukraine have shown how vulnerable supply chains are,” said Bajaj, CEO of Solvo.ai.
“With the accelerating impact of climate change and pressures around the transition to net zero and sustainability, the future looks even more uncertain and complex.”
To address these challenges, Solvo.ai has developed an initial product it calls an “AI-powered dynamic pricing engine” that acts as a “central cross-functional brain” – a product focused on helping decision makers in the sector gain a better understanding of pricing through technology, which corresponds to current conditions.
The AI is trained with existing logistics data – be it external market indicators or internal historical data – to give logistics decision makers a more informed set of information on things like demand to quickly adapt to new situations.
Although companies have already relied on technology to work through some of these challenges, Solvo.ai believes that existing software for the logistics sector “struggles to make optimal decisions under uncertainty”, a problem exacerbated by the “largely rules-based” software.
According to the startup, many firms also rely heavily on more basic technology like Excel spreadsheets to plan for uncertainty.
Solvo.ai raised its fresh funds in a seed round led by European venture capital firms Speedinvest and Frontline Ventures. The startup said it will use the funds to accelerate the commercialization of its technology while expanding its sales and business development teams.
Check out the 12-slide pitch deck used to raise the funds below: