Transmetrics Closes €2.5 Million Convertible Round to Accelerate the Development of AI-driven Logistics Planning Technologies
The provider of AI-powered logistics planning solutions completes the convertible round led by the European Innovation Council (EIC) Fund, Impetus Capital, and existing shareholders ahead of the planned Series A round.
Sofia, 23 February 2023 – Transmetrics, a state-of-the-art AI platform developed exclusively for the supply chain industry, today announces the successful closing of a €2.5 million funding round.
The convertible funding was led by the European Innovation Council Fund, together with Impetus Capital. The closing of the funding follows Transmetrics’ selection for investment by European Innovation Council in the ultra-competitive Accelerator program in 2022. The round was also joined by existing shareholders and angel investors. By closing this convertible round, Transmetrics has now raised a total of nearly €7.5 million in equity and grants since the company launched in 2013.
Transmetrics 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. Furthermore, the company will devote resources to R&D to ensure they provide logistics companies with planning tools that support efficient and resilient supply chains.
“Transmetrics receives this round at a crucial moment for the industry and the company. The technological impact on logistics is something that moves the industry forward – we see a lot of logistics companies investing in AI and other technologies to make their business more efficient and future-proof. By closing this round, Transmetrics will be at the forefront of this movement, offering state-of-the-art solutions that empower logistics planning and provide tangible value for our clients and the sector as a whole” said Asparuh Koev, Co-Founder and CEO of Transmetrics.
Hermann Hauser, EIC’s Fund Board member said: “We are happy to announce our investment in Transmetrics, a leading provider of AI-powered logistics planning software. 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.”
Transmetrics is well-known for its successful work with some of the leading logistics companies in the world, such as Kuehne+Nagel, Matson, DPDgroup, Gebrüder Weiss, and more. Transmetrics’ software aims to address extreme inefficiencies in logistics. For example, on average, trucks in the EU drive half-empty, wasting economic resources and creating unnecessary emissions, while logistics is responsible for 30% of the world’s carbon emissions from fuel combustion.
Today, logistics service providers are still planning their resources mainly in Excel, based on the experience and gut feeling of planners. Transmetrics’ software replaces manual planning with the next generation of AI-powered logistics planning that leverages predictive analytics and machine learning.
A leading provider of AI solutions for the supply chain industry, Transmetrics optimizes transport planning by leveraging the power of predictive analytics and machine learning. Transmetrics combines the strengths of humans with those of AI, ensuring the highest operational benefits, and reducing the environmental impact of logistics. Its unique approach analyzes, models, and predicts transport flows with very high accuracy. The unrivaled advantage comes from having strong experience in both the technical (Big Data and Predictive Analytics) and domain (Transport and Logistics) areas. Its products have brought significant benefits to the top-tier logistics companies worldwide that have experienced an up to 25% reduction in transport costs while increasing their fleet utilization up to 14% and maintaining high service levels.
About EIC Fund:
The European Innovation Council Fund from the European Commission is an agnostic Fund: it invests across all technologies and verticals, and all EU countries and countries associated to Horizon Europe. It provides the investment component of the EIC Accelerator blended finance.
The EIC Fund aims to fill a critical financing gap and its main purpose is to support companies in the development and commercialization of disruptive technologies, bridging with and crowding in market players, and further sharing risk by building a large network of capital providers and strategic partners suitable for co-investments and follow-on funding.
The Fund pays particular attention to the empowerment and support of female founders as well as the ambition to reduce the innovation divide among EU countries.