Austrian supply chain risk platform Preware secures €11M

The Vienna-based Prewave has secured €11 million to expand its platform’s supply chain analysis capabilities. The funding is co-led by KOMPAS and Ventech, Tech.eu informs. 

• Founded in 2017 by Harald Nitschinger and Lisa Smith, AI- and ML-based platform Prewave provides monitoring and analysis of online sources in over 50 languages with a view to minimize potential risks that can negatively affect supplies, including human rights issues, sustainability, supply chain legislation compliance.
• To date, more than 250,000 suppliers are covered on Prewave, and ABinBev, AUDI, BMW, Porsche, PWC, Toyota are among the startup’s customers.

“Thanks to artificial intelligence and automated language processing we have made it possible for 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,”

Dr. Lisa Smith, co-founder and CEO at Prewave comments.

• The fresh Series A round was led by KOMPAS and Ventech with participation from early-stage investors aws Gründerfonds, IST cube, seed + speed, Segnalita, Speedinvest, and Working Capital Fund.
• Austrian VC firm KOMPAS funds startups that accelerate the digital transformation and industrial automation across the built environment. Ventech is a European and Chinese VC fund that invests in B2B and B2C, software and hardware development. 
• The raised capital will enable the startup to develop the supply chain analysis capabilities and to expand to new European markets.