Default risks in the supply chain on the basis of public information automatically and to detect at an early stage: This is the specialty of the Viennese AI Startups Prewave, which was founded in 2017 as a Spin-off of the TU Vienna by Lisa Smith and Harald Nitsch Inger. During the Corona-reported crisis is noticed Prewave already, because the young company interactive country has published the cards in order to interruptions to Supply in Corona to identify Hotspots (Trending Topics).
Now it’s time for the Prewave in the next Phase. In a A Seed-financing round, the Startup gets a million in investment. The round is led by aws founders Fund, among other investors, seed & speed, Segnalita and Ventech, as well as the stock investors Cube, and speed IS invest. The two founders of Smith and Nitschinger hold together a little more than 60 percent of the company’s shares. 2017 Prewave made a first round with Cube and pioneer Ventures.
Early warning system for supply chains
“The current crisis shows how important it is for industrial companies to be constantly informed about what is in the supply chain happens. The high number of information sources, as well as the many languages in global supply chains, make it impossible for people to keep track. This is exactly the Problem solved by our Algorithms,“ says Smith in a press release.
The basic principle of the technology is: An algorithm should be trained that he is able to identify signals from multilingual text data as a risk. This includes publicly available information from Social Media are used as channels such as Twitter, YouTube and local news media as data sources. Customers come from the automotive, chemical, metal and electronics industries, large Transport and logistics companies to be underneath.
Corona-crisis on shows
The filtered risk signals (in the case of the Corona-crisis about infections in staff, quarantine measures, short-time working, plant closures, etc.) to give companies an Overview of real-time, to be able to problems in the Management of supply chains to quickly find. Currently a canus more than 50 languages and more than 60 different risk categories, such as Natural disasters, strikes, fires or border closures are identified.
“The current crisis illustrates how fragile global supply chains can be, not only in industrial enterprises but also in the General population a strong awareness of the importance of the functioning of supply chains has created. Against this Background, we take our responsibilities through the use of technology, supply chains, a total of more resilient, to make it more transparent and sustainable,“ says co-founder Nitschinger.
The ten-member Team of Prewave is now working on the improvement of the prediction power of the algorithm. “The developments of the past few months to accelerate the digitization needs of all industries and sectors. Especially international customer and supplier relationships mountains for many of the traditional business models of large risks, which are often delayed and only detectable and difficult to quantify. Prewave in particular, Legacy Industries in a deal to bring its early-warning system transparency in supply chains and to visualize the possible risks. It is important for us to support the first-class Prewave Team with a strong consortium of investors at the international scale,“ says Ralf Kunzmann, CEO of aws founders Fund.
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