London-founded 7bridges has just secured €14.8 million to increase the reach of its unique tech and data that is being used by global businesses to transform their supply chains.
The funding for the AI-powered logistics platform is led by global venture capital fund Eight Roads, with support from existing investors Local Globe and Crane. Additional investment also comes from Maersk Growth.
Founded in 2016 by Philip Ashton and Matei Beremski, the vision behind 7bridges is one where the world of supply chains is flexible, adaptable and sustainable. Through their previous work in logistics and machine learning, the founders saw an opportunity to use technology and big data to reverse the systemic waste of money and resources they observed throughout global supply chains.
The startup uses tech to enable autonomous supply chains that are customer-centric, resilient to disruption, more cost-effective, help to decrease waste, and improve access to goods worldwide. Today, the 7bridges platform is used by some of the world’s top ecommerce, retail, pharmaceutical, and manufacturing brands giving them increased logistics visibility and the ability to orchestrate and execute operations across their supply chains.
In the last two years, global supply chain performance has been brought into sharp focus by the pandemic and has had a profound impact on people’s lives. However, while Covid may have exposed and accelerated supply chain fragilities, it was not the cause. Historically, businesses have been struggling to rewire their supplier and distribution networks for years; grappling with disconnected data, outdated tech and time-intensive processes.
This is where 7bridges comes in – to offer propriety AI-powered logistics that transform supply chains to deliver responsive, flexible, sustainable and cost-effective logistics solutions to both customers and consumers.
Philip Ashton, CEO and Co-Founder of 7bridges said: “At 7bridges, we are uniquely positioned to help businesses enhance, and future-proof, their supply chains in ways that are more sustainable, resilient, cost-effective and efficient. By harnessing our artificial intelligence to make coherent rapid and adaptive decisions across channels, product categories, geographies and service providers we’re able to transform multiple elements of the supply chain, from planning to execution, inbound and outbound logistics, inventory optimisation to customer experience.”
The latest funding boost will be used to further develop the platform and accelerate expansion, enabling a wider range of businesses to better harness the power of data and AI to support commercial decision-making.