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Prewave Raises €63M Series B to Revolutionise Supply Chain Risk Management with AI-Driven Superintelligence Platform

Prewave Raises 63M Euro Series B to Revolutionize Supply Chain Risk Management with AI-Driven Superintelligence Platform

Prewave raises €63m Series B led by Hedosophia to leverage AI to help businesses manage unprecedented supply chain challenges and deliver the world’s first supply chain superintelligence platform

●      New regulations are significantly increasing supply chain reporting and compliance requirements for businesses, amid growing global uncertainty

●      Prewave’s AI driven supply chain risk intelligence platform is used by customers including Lufthansa, Toyota, Ferrari and Dr Oetker, to minimize supply chain risk and build resilient operations despite ever-growing complexity in supply chains

●      This new funding will fuel global expansion and support further product R&D, on the back of rapid growth in Europe and threefold increase in revenue in 2023

Vienna, Austria, 25th June 2024 – Prewave, the AI-enabled sustainability, risk and compliance platform, has raised €63m in its Series B funding round, led by the global investment firm Hedosophia, with participation from existing investors Creandum, Ventech, Kompas, Speedinvest and Working Capital Fund. The new funding will be used to drive Prewave’s next phase of global growth and to support further product R&D on its proprietary AI technology to deliver the world’s only supply chain superintelligence platform.

Supply chain disruptions – from natural disasters to labour issues – have long posed significant operational challenges for businesses. Adding to this, growing geopolitical instability, workforce shortages and inflationary pressures have dramatically heightened supply chain risk in recent years, with disruptions estimated to cost businesses 6-10% of their annual revenue.

On top of that, businesses in Europe and across the world face a wave of new sustainability and supply chain regulations, each imposing complex reporting and compliance requirements, along with potentially crippling penalties for breaches:

●      The EU’s Deforestation Regulation (EUDR), effective as of 2025, will introduce strenuous reporting requirements on businesses trading commodities or products usually related to deforestation from the EU.

●      The EU’s Corporate Sustainability Due Diligence Directive (CS3D) will usher in a substantial set of new rules that aim to foster sustainable and responsible corporate behaviour in companies’ operations and across their global value chains.

●      At a national level, the Conflict Minerals Provision Dodd Frank (US), Loi de Vigilance (France), Lieferkettengesetz (Germany), and VSoTr (Switzerland) are also further compounding regulatory challenges.

Prewave solves this problem by harnessing the power of AI to deliver supply chain superintelligence that can transform businesses’ supply chains to become more transparent, compliant and resilient.

Prewave stands as the world’s only future-ready sustainability, risk and compliance platform, capable of identifying and helping businesses manage 140 risk types on a global scale. This includes issues affecting resilience and causing disruption (natural disasters, financial stress, cyber risks, accidents and legal issues), risks around sustainability and ESG, and compliance with a growing number of national and international regulations.

Prewave’s end-to-end solution differentiates the company as a category leader. While many providers still rely heavily on manual inputs or legacy technology, Prewave’s next gen platform automatically maps, scores and monitors millions of supply chain nodes. Built on a decade of R&D and data training, Prewave’s academic-bred AI engine accurately identifies risk signals from vast and fragmented data sets made up of news and social media content across 400+ languages; company certifications and annual reports; government and NGO data feeds; and sanction and Politically Exposed Persons (PEP) lists.

Prewave then generates real-time predictive and reactive alerts, along with recommended actions for customers’ supply chains, risky suppliers, and sub-tier networks. By integrating all supply chain risk use cases and enabling effective end-to-end risk management throughout the lifecycle (including identification, tier-n mapping, prioritization, mitigation, and reporting and control), Prewave reduces businesses’ workload by a factor of 40 compared to manual, questionnaire-based compliance approaches.

Prewave has expanded rapidly on the back of strong demand across Europe, achieving 3x annual revenue growth in 2023. Over 200 companies, including Lufthansa, Toyota, Ferrari and Dr Oetker, already rely on Prewave to remain compliant and enhance the resilience and sustainability of their supply chains.

Commenting, Harald Nitschinger, Co-founder and Managing Director at Prewave, said:

“We founded Prewave because we are convinced that data and AI can play a major role in making supply chains more transparent, resilient and sustainable – and help to power the vital currents of global economic progress. We believe that in the face of rapidly accelerating regulatory complexity, businesses shouldn’t be aiming to take a tick-box approach, but to use regulatory compliance as a vehicle to become more resilient.”

“We’ve seen strong demand from leading European brands who have recognised that Prewave can help them protect their reputation, improve performance and increase profitability. This funding will now allow us to accelerate our global expansion, with the US market our top priority for growth.”

Commenting, Sabina Wizander, Partner at Creandum, said:

“We saw during the pandemic how vulnerable global supply chains can be. Full supply chain visibility is a top C-suite priority, especially given expanding regulations, geopolitical instability and climate change. Prewave has the best product to meet this business need, shown by the traction it is getting with customers. They have strong momentum and this new investment is going to help turbocharge their growth.”

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