London-based AI startup Solvo.ai has raised $4 million in seed funding. The investment round was led by Speedinvest (which backed Seqera Labs, YardLink, and cylib) and Frontline Ventures. The company will use the funds to scale the commercialisation of its first product and ramp up sales and business development.
“There is huge potential in using machine learning to discover new patterns in supply chains that can revolutionise business. The latest developments in deep learning make it possible to capture these patterns through algorithms and identify the most influential factors in supply chain ecosystems, while constantly learning in the process. Gaurav, Dongho, and the entire Solvo.ai team have a highly complementary mix of charisma and ambition, combined with serious technical capabilities. We are very excited to back them in building the leading AI platform in the supply chain industry,” said Rick Hao, Partner at Speedinvest.
“Supply chains are a vitally important global network, and in the last decade, we have seen them become increasingly complex and interdependent. More recently, we have also seen that macro events, and uncertainty around how they might unfold, can have devastating impacts on those chains. Enter Solvo.ai, whose suite of products goes beyond applying historic data to modern problems, and instead learn in real-time how to respond to any radical market changes, enabling businesses to achieve their KPIs. We are hugely excited by what they are building and the important impact it can have on a rapidly changing industry,” said Zoe Chambers, Partner at Frontline Ventures.
AI to help the logistics industry
Founded by Gaurav Bajaj, Solvo.ai helps logistics companies adapt to a rapidly changing world via recommendations powered by machine learning, that help them optimise yields and recover from disruptions faster. It helps the logistics industry build stronger supply chains at a time when economic, political, and environmental conditions are becoming increasingly difficult to predict, and leaders in the sector are increasingly concerned that supply chains should be robust, not just efficient.
The startup is focused on improving decision-making in the supply chain and logistics sector. Its first product, an AI-powered dynamic pricing engine for enterprise, was created in collaboration with one of the world’s largest logistics businesses.
‘Solvo.ai’s reinforcement learning technology is trained on real logistics data and allows logistics professionals to make better-informed decisions, adapting to their changing goals over time. The optimisation engine can quickly adapt to new situations, helping logistics companies recover faster from disruption by factoring uncertainties into its models,” said Gaurav Bajaj, Solvo.ai’s CEO and co-founder. “Our A.I.-driven workflows allow experts to make the right trade-offs by applying their judgment, value, and context to the recommendations our algorithms present.”
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