Prewave raises 67 million US dollars

Prewave raises 67 million US dollars to help companies manage supply chain risks. Customers such as Toyota and Ferrari are already using the Vienna-based startup's AI-supported platform

Vienna, Austria, June 25, 2024 - Vienna-based startup Prewave has raised 67 million US dollars (63 million euros) in a Series B financing round. The round was led by global investment firm Hedosophia and included participation from existing investors Creandum, Ventech, Kompas, Speedinvest and Working Capital Fund. This new funding will drive global expansion and further product development.

We founded Prewave because we believe that data and AI can play an important role in making supply chains more transparent, resilient and sustainable - helping to drive the vital supply streams of global economic progress

Harald Nitschinger, Co-Founder and Managing Director of Prewave

In May 2023, we already reported on the Startbase about the successful Series A+ financing round of Prewavein which the company raised 18 million euros. This financing laid the foundation for further growth and technological development, which Prewave can now drive forward with the current Series B round.

Using AI to manage supply chain risks

Prewave offers an AI-powered platform for sustainability, risk and compliance that helps companies minimize supply chain risks and establish robust processes despite growing complexity. Customers such as Toyota, Ferrari and Dr. Oetker are already using Prewave's solutions to make their supply chains more transparent and resilient.

Challenges posed by new regulations

Companies around the world are facing a wave of new regulations that impose strict reporting and compliance requirements. These include the EU Deforestation Regulation (EUDR) and the EU Corporate Sustainability Due Diligence Directive (CS3D), which come into force from 2025. National laws such as the Dodd Frank Act (USA), the Loi de Vigilance (France), the Supply Chain Act (Germany) and the VSoTr (Switzerland) also present companies with new regulatory challenges.

Focus on technology and innovation

Prewave's AI technology, which is based on ten years of research and development, precisely identifies risk signals in large, fragmented data sets. This includes news and social media content in more than 400 languages, company certifications, annual reports and data feeds from governments and NGOs. Prewave generates real-time predictive and reactive alerts and recommended actions for supply chains, at-risk suppliers and sub-tier networks.

Full supply chain visibility is a top priority for management, especially in the face of increasing regulation, geopolitical instability and climate change. Prewave has developed the best product to meet these requirements

Sabina Wizander, Partner at Creandum

Strong growth and increasing demand

Prewave has seen rapid growth in Europe and a tripling of sales in 2023, with more than 200 companies already relying on the platform to ensure compliance and improve the resilience and sustainability of their supply chains. The new funding will help support the next phase of Prewave's global growth and further drive product development.