- Solvo.ai has raised $4 million to build machine learning technology for the logistics industry.
- The startup aims to help logistics companies create more responsive and flexible supply chains.
- Check out the 12-slide pitch the startup used to raise seed funding below.
British startup Solvo.ai has raised $4 million in seed funding to advance machine learning technology to help logistics companies create more agile supply chains.
The London-based startup, founded in 2021 by mechanic Gaurav Bajaj and former Apple machine learning engineer Dongho Kim, aims to address the growing volatility that has challenged the logistics industry in recent years using artificial intelligence.
Macro-issues such as the COVID-19 pandemic and the war in Ukraine exposed a number of weaknesses in logistics supply chains, including the inability to respond to changing demand, as well as the lack of resources to address bottlenecks that have created inflationary pressures in the economy.
“Logistics is a $5 trillion industry and the backbone of global trade. But disruptions 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 accelerating climate change impacts and pressures to move 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 that aims to help industry decision makers gain a better understanding of pricing through technology that responds to current conditions.
AI is trained on existing logistics data—whether it’s external market indices or internal historical data—to give logistics decision makers more informed information about things like demand to quickly adapt to new situations.
While companies have already relied on technology to solve some of these problems, Solvo.ai believes that existing software for the logistics industry “struggles to make optimal decisions in the face of uncertainty,” and this problem is exacerbated by software that is “heavily based on regulations”.
According to the startup, many companies also rely heavily on basic technologies like Excel spreadsheets to plan for uncertainty.
Solvo.ai raised its new 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.
Take a look at the 12-slide slide deck used for fundraising below.