Vienna, August 23, 2024 – Vienna-based scale-up Prewave, known for its AI-driven platform for supply chain risk and sustainability monitoring, has successfully closed a MEUR 63 Series B funding round. The round was led by global investment firm Hedosophia, with participation from existing investors aws Gründerfonds, Creandum, Ventech, Kompas, Speedinvest, and Working Capital Fund. With this significant investment, Prewave plans to accelerate its global expansion and further develop its proprietary AI technology.
Growth and Innovation: Prewave’s Path to Global Market Leadership
Founded in 2017 by Dr. Lisa Smith and Harald Nitschinger as a spin-off from the Vienna University of Technology, Prewave aims to make supply chains more transparent, resilient, and sustainable by leveraging data and artificial intelligence. The platform analyzes millions of data sources in over 400 languages and identifies 140 different types of risks, ranging from natural disasters to cyber risks. This real-time analysis enables companies to detect potential risks early and take appropriate action.
New Funding Round as a Catalyst for Further Growth
With the new funding, Prewave plans to accelerate its international expansion, particularly in the US market. "We are seeing strong demand from leading European brands who have recognized that Prewave can help them protect their reputation, improve their performance, and increase their profitability," said Harald Nitschinger, Co-founder and Managing Director of Prewave. The focus is not only on geographical expansion but also on strengthening research and development activities to further optimize AI technology and develop new features.
Strong Support from Renowned Investors
In addition to Hedosophia, who led the round, previous investors aws Gründerfonds, Creandum, Ventech, Kompas, Speedinvest, and the Working Capital Fund have also renewed their support. The continued participation of these investors reflects confidence in Prewave’s vision and management team. In the previous Series A round in 2022, the company raised MEUR 11, which significantly contributed to tripling its revenue in 2023.
Technological Excellence for a More Resilient Future
Prewave is at the forefront of the digital transformation of supply chains with its unique technology. With the ability to manage complex regulatory requirements, such as the EU Corporate Sustainability Due Diligence Directive and the upcoming EU Deforestation Regulation, Prewave is well-positioned to support companies worldwide in complying with regulations and enhancing the resilience of their supply chains.
A Strong Year for Prewave
2023 was an exceptionally successful year for Prewave: In addition to the impressive revenue growth, the company secured over 200 prominent customers, including Lufthansa, Toyota, Ferrari, and Dr. Oetker, who rely on Prewave’s platform to make their supply chains transparent, compliant, and resilient.
"We are thrilled to have supported Prewave since its early days and to open a new chapter in its success story with this renewed investment. Prewave's development impressively demonstrates how innovative technology can revolutionize the efficiency and sustainability of global supply chains," commented Patrik Cesky, CEO of aws Gründerfonds.
Prewave is on a promising path to further expand its market leadership in AI-based supply chain monitoring and analysis, empowering companies worldwide to make their supply chains safer and more sustainable.
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About Prewave
Prewave is ushering in a new era of transparency, resilience, and sustainability in supply chains. With the mission to enhance supply chain sustainability and resilience, Prewave leverages publicly available data from local news, social media, and other databases to understand and report on risks affecting suppliers and raw materials at every stage of the supply chain. Prewave's AI algorithm analyzes sources in more than 50 languages and over 100 risk categories, ensuring that no disruption goes unnoticed.
About aws Gründerfonds
The aws Gründerfonds is an Austrian venture capital firm with investment capital of approximately MEUR 70. The investment focus is on Austrian start-ups with significant growth potential, particularly for initial and follow-up financing in the start-up and early growth phases (Later Seed and Series A). Co-investors from its international network are actively involved. The aws Gründerfonds positions itself as a long-term, stable partner, offering entrepreneurial venture capital with active support. To date, more than MEUR 500 has been invested in 42 companies from the fields of digital, deep tech & industry, and life sciences, in collaboration with co-investors, with numerous successful exits completed.