Vienna-based Prewave, which develops an AI-enabled sustainability, risk, and compliance platform, has secured €63 million in a Series B funding round led by Hedosophia, with participation from existing investors such as Creandum and Speedinvest.
- Established in 2017 by Harald Nitschinger and Lisa Smith, Prewave develops supply chain superintelligence software to enhance businesses’ supply chain transparency, compliance, and resilience. The platform manages 140 global risk types, including natural disasters, financial stress, cyber risks, accidents, legal issues, and sustainability risks.
- Prewave’s platform identifies risk signals from various data sets, generates real-time alerts, and recommends actions for customers, risky suppliers, and sub-tier networks, reducing businesses' workload by 40% compared to manual compliance approaches.
- The startup has already partnered with several prominent firms, including BearingPoint, KPMG, PwC, Inloop, Coupa, Kompany, and E/D/E.
- Additionally, in 2023, Prewave expanded across Europe, achieving 3x annual revenue growth, with over 200 companies, including Lufthansa, Toyota, Ferrari, and Dr. Oetker, relying on its platform for compliance and supply chain resilience, the startup shared
Details of the deal
- Hedosophia, a London-based venture capital firm that funds tech startups, led current funding round. To date, it has made 44 investments and 18 exits, including notable successes with Ant Group and Viva Wallet.
- The funding also saw participation from several existing investors, such as Creandum, which closed a €500 million fund, Creandum VII, earlier in June. Additionally, Paris-based VC Ventech, Kompas, Vienna-based VC Speedinvest, and Working Capital Fund also joined the round.
“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, as shown by the traction it is getting with customers. They have strong momentum, and this new investment is going to help turbocharge their growth,” Partner at Creandum, Sabina Wizander, stated.
- The fresh capital will fuel global expansion and support future product R&D, building on strong European growth and a threefold rise in sales in 2023.
