The Vienna-based startup Prewave, the provider of an AI-enabled sustainability, risk, and compliance platform, has announced the closure of its €63 million Series B funding round led by Hedosophia. The round also saw participation from Creandum, Ventech, Kompas, Speedinvest, and Working Capital Fund.
About Prewave
- Established in 2017, Prewave provides users with a dynamic supplier risk score, derived from big data supply chain analysis. It allows companies to monitor their entire supply chain and equip users with the ability to execute corrective and preventive measures, minimizing risk, and enhancing individual supplier performance.
Harald Nitschinger and Lisa Smith, co-founders
- The company claims that the platform is 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.
- To date, Prewave has achieved 3x annual revenue growth in 2023. Prewave’s AI driven supply chain risk intelligence platform is used by over 200 companies, including Lufthansa, Toyota, Ferrari and Dr Oetker, to minimize supply chain risk and build resilient operations despite ever-growing complexity in supply chains.
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,
Harald Nitschinger, co-founder and Managing Director at Prewave, said.
Investment details
The global investment firm Hedosophia is the lead investor during the fresh round. Existing investors including Creandum, Ventech, Kompas, Speedinvest, and Working Capital Fund, also joined the financing.
A little over a year ago, in May 2023, Prewave closed its Series A+ funding round at €18 million. Creandum was the lead investor at the time, with most of the current investors also participating.
The fresh funding round will fuel Prewave’s global expansion and support further product R&D, in addition to supporting its rapid growth in Europe.
