Sofia, 22 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 round follows Transmetrics’ selection for investment by European Innovation Council in the ultra-competitive Accelerator program in 2022. The investment 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.
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. Furthermore, the company will devote more resources to R&D to ensure that logistics companies leverage state-of-the-art logistics planning to be as resilient and efficient as they can be.
“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, trucks in the EU are driving on average half-empty, wasting economic resources, and creating unnecessary emissions, while logistics is responsible for 30% of the world’s carbon emissions.
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.
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