Bulgarian startup Transmetrics secures €2.5M from EIC and Impetus Capital
23 February, 2023, 11:13
Sofia-based logistics planning solution Transmetrics has secured €2.5 million during a convertible round. The European Innovation Council Fund, Impetus Capital, and existing shareholders provided the funding ahead of the upcoming Series A round, Globe Newswire reports.
- Transmetrics was founded in 2013 by Alexander Petkov, Anna Shaposhnikova, Asparuh Koev, and Rado Nikolov. The company is a leading provider of AI solutions for the supply chain industry. It optimizes logistics planning by leveraging the power of predictive analytics and ML, allowing an up to 25% reduction in transport costs and fleet utilization by up to 14%.
“We are happy to announce our investment in Transmetrics, a leading provider of AI-powered logistics planning software. EIC’s ambition is to support cutting-edge innovations that transform industries and drive positive impact. Thanks to EIC funding, Transmetrics can develop its technology, expand its customer base, and help drive sustainability and efficiency in logistics,”Hermann Hauser, EIC’s Fund Board member, comments.
- The convertible funding was led by the European Innovation Council (EIC) Fund, together with Impetus Capital, a Bulgarian growth equity and development venture stage investor. Transmetrics’ existing shareholders, LAUNCHub Ventures among them, and several angel investors also joined the round.
- Since its launch in 2013, Transmetrics has raised nearly €7.5 million in equity and grants. As the result, the company is already working with the leading logistics companies in the world, such as Kuehne+Nagel, Matson, DPDgroup, Gebrüder Weiss, and more.
- The fresh funds will allow to continue to develop unique AI-powered analytics, forecasting, and optimization for logistics. Furthermore, the company will devote some resources to R&D.