Austrian Speedinvest joins €4M seed round for UK startup Solvo.ai
01 November, 2022, 14:42
The London-based startup Solvo.ai focuses on improving decision-making in the supply chain and logistics sector has received €4M in a seed round co-led by Speedinvest and Frontline Ventures.
- Founded by Gaurav Bajaj, Solvo.ai develops a platform that helps logistics companies to adapt to a rapidly changing world, optimize yields, and recover from disruptions faster via recommendations powered by machine learning.
- Established in 2011 by Daniel Keiper-Knorr, Erik Bovee, Michael Schuster, Oliver Holle, and Werner Zahnt, Speedinvest is an Austrian early-stage VC firm with offices in Berlin, London, Munich, Paris, and Vienna. The VC fund is focused on investment in deeptech, fintech, healthcare, industrial tech, e-commerce, SaaS.
- Speedinvest has more than €600 million assets under management and 40 investors. The firm has backed 250+ businesses, some of which include Wefox, Bitpanda, TIER, Mobility, GoStudent, Wayflyer, CoachHub, Schüttflix, TourRadar, Adverity, and Twaice.
- The round was also joined by Frontline Ventures, the venture firm for B2B companies on both sides of the Atlantic. Frontline Seed speeds up ideas at inception across Europe. Frontline X is a growth-stage fund, for fast and frictionless US-Europe expansion.
- Solvo.ai will use the fresh funding to scale the commercialization of its first product and to ramp up sales and business development.