Transmetrics Launches AI-Driven Logistics Project Backed by EU’s Horizon 2020
Predictive optimization company seeks beta users after receiving €1.67 million in grant funding.
Brussels/Sofia, 14 May 2020 – Transmetrics, a leading software provider of predictive optimization solutions for the logistics industry, currently seeks beta users and partners for its EU’s Horizon 2020 funded project. The company’s announcement comes after receiving a €1.67 million grant from the European Commission in the European Innovation Council Accelerator (EIC) programme. This grant funds the development of Transmetrics’ AI-driven logistics optimization software, which supports planning processes and improves the utilization of resources.
Since the project began in March 2020, Transmetrics has been developing a commercially viable, tactical optimization solution for the mid-sized logistics market. This software will include ‘what-if’ functionality that allows planners to make informed sourcing and repositioning decisions based on Transmetrics’ next-generation AI-optimization tools. Furthermore, to expand the operational effectiveness of the transport optimization system, Transmetrics will be developing new tools to support dynamic inventory management and customer portfolio assessment. All of this will be facilitated by Transmetrics’ proprietary predictive optimization algorithms and a unique data cleansing methodology that dramatically reduces the system integration time.
“With the generous support of the EU, Transmetrics will not only finalize the development of Phase 2 of its transport optimization solution but will also be able to offer discounted trials and SaaS for beta users,” said Dessislava Tsvetkova, Transmetrics Head of Product Management and Horizon 2020 Project Coordinator. “Over the next few months, we will be actively communicating with potential partners to select members of the beta user review board that will be the first testers of this next generation optimization product. We expect that by implementing Transmetrics, the beta users will reduce their transportation and warehousing costs.”
The EIC Accelerator (previously known as the SME Instrument) is part of the European Innovation Council (EIC) pilot program that supports top-class innovators, entrepreneurs, and small companies with funding opportunities and acceleration services. Horizon 2020 is the biggest EU Research and Innovation programme with nearly €80 billion of funding available over 7 years (2014 to 2020), aimed at securing Europe’s global competitiveness. More than 1,800 companies submitted applications for funding from the European Union in 2019. Transmetrics’ project proposal was one of only 75 projects that were awarded grants.
As a state-of-the-art AI platform developed exclusively for the Supply Chain, 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.
We’ve developed a unique approach for analyzing, modeling, and predicting transport flows with very high accuracy. Our unrivaled technology requires a rare combination of knowledge in multiple disciplines, something unique to Transmetrics. Our advantage comes from having strong experience in both the technical (Big Data and Predictive Analytics) and domain (Transport and Logistics) areas. Our 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. For more information visit www.transmetrics.ai
Interested in learning more about Transmetrics solutions? Contact us or book a demo to experience the power of AI.