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.
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The convertible funding was led by the European Innovation Council (EIC) Fund, together with Impetus Capital, following Transmetrics’ selection in the ultra-competitive 2022 EIC Accelerator program. Transmetrics’ existing shareholders and angel investors also joined the round. As a result, the company has raised nearly €7.5 million in equity and grants since launching in 2013.
Transmetrics 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 resources to R&D to ensure they provide logistics companies with planning tools that support efficient and resilient supply chains.
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“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.
EIC’s Fund Board member, Hermann Hauser, added: “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.”
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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, on average, trucks in the EU drive half-empty, wasting economic resources and creating unnecessary emissions, while logistics is responsible for 30% of the world’s carbon emissions from fuel combustion.