7Bridges Raises $17M to Automate Logistics Supply Chains Using AI
To automate logistics supply chains using Artificial Intelligence (AI), 7bridges has raised $17 million in the latest funding round.
7bridges is a UK-based startup that wants to simplify supply chains with the help of an Artificially intelligent automation platform. Supply chain logistics is a critical step of any company, which decides the outlook of a business. 7bridges, with an idea to automate the supply chain processes to ensure smooth delivery, has raised $17 million in Series A.
The series A funding round was led by Eight Roads, which is backed by Fidelity. Local Globe and enterprise VC Crane, which both invested in 7bridges’ seed round in 2020, also participated in the round. Valuation has not closed yet, and the company has already raised over $20 million to date.
Supply chain logistics is one of the most critical aspects of a business because of many reasons. It involves a dozen of companies, a lot of combinations and permutations, financial management and so on. Moreover, the events occurring around the world also have strategic importance in it.
The startup aims to assist users with AI-powered recommendations on how to move goods based on the supply chain and operating and logistic data of the company. The importance of a well-run and managed supply chain can be understood from the emphasis that Amazon has recently demonstrated, as it believes that having a well-run supply chain can provide a huge competitive edge in the market.
Philip Ashton, 7bridges’ CEO, who co-founded the company with Matei Beremski (CTO), said that this concept was already driving decent interest for 7bridges. Then Covid-19 happened.
“The pandemic presented a moment of realization for those companies that still had their heads in the sand,” he said. “Having an adaptive supply chain is a business-saving issue.”
The challenges that 7bridges is addressing are how supply chain management has evolved over time and how world events are shaping its future. In the case of COVID, when companies faced challenges to manage their inventories and supply chain, the surge in popularity of online shopping also presented some opportunities.
Indeed, with AI and automation making their way into every aspect of how business gets done nowadays, it was a no-brainer that a company would come along to build a platform to bring all of this together.
Story Credits: Tech Crunch