Transmetrics, a cutting-edge AI platform designed specifically for the supply chain sector, announced the successful completion of a US$2.6 million funding round.
Nowadays, according to Transmetrics, transportation service providers still plan their resources primarily in Excel, relying on the expertise and intuition of planners. Transmetrics’ software automates logistics planning by leveraging predictive analytics and machine learning to substitute human planning.
The European Innovation Council Fund, in collaboration with Impetus Capital, managed the convertible financing. The financing closes on the heels of Transmetrics’ pick by the European Innovation Council for investment in the ultra-competitive Accelerator program in 2022.
With the completion of this convertible round, Transmetrics has now raised roughly approximately US$8 million in stock and grants since its inception in 2013.
According to Transmetrics, the company will use the funds to continue to invest in its unique AI-powered analytics, forecasting, and optimization for logistics through strategic collaborations, commercial growth, and expansion into new markets. Another important information is that the company will devote resources to R&D to ensure they provide logistics companies with planning tools that support efficient and resilient supply chains.
“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,” stated Hermann Hauser, EIC’s Fund Board member.
