A Cologne-based AI startup focused on the food retail sector has successfully raised over €3 million in funding to enhance its operations and expand its influence across the European food supply chain. This funding round saw participation from leading investment firms, alongside support from existing venture capitalists and strategic industry partners.
Since launching in 2022, the startup has developed innovative AI-driven sales forecasting solutions that have been adopted in thousands of retail locations. By optimizing the food supply chain from the Point-of-Sale (POS), their technology is paving the way for more efficient operations within the industry.
Through leveraging cutting-edge technology, the startup enables customers to automate their ordering and production processes, achieving an impressive average automation rate of over 90%. This translates to more than 20 million automated orders annually, significantly reducing the workload on staff and enhancing overall operational efficiency. A key focus of the company is minimizing food waste, with potential reductions of up to 30% while also driving sales increases of up to 11%.
The CEO expressed a strong commitment to a vision of eliminating €10 billion worth of food waste over the next decade. In 2023 alone, the startup saved 4,000 tons of food waste, equating to the annual CO2 emissions of over 1,000 cars and conserving more than 2,500 Olympic swimming pools’ worth of fresh water. This recent investment underscores the confidence in their mission and the substantial market opportunities ahead.
Food waste poses significant economic and environmental challenges, contributing to resource depletion and greenhouse gas emissions that impact climate change. By providing innovative solutions to tackle food waste, the startup is playing a vital role in helping clients optimize resource use, thereby contributing to a more sustainable future.
Investment partners highlighted the importance of the startup’s technology, noting its dual focus on solving pressing challenges in the food industry while delivering meaningful environmental and economic benefits. This combination of technological innovation and a commitment to sustainability positions the company as a transformative force in the food supply chain, earning the trust of numerous esteemed clients across various sectors.
Additionally, this funding round attracted industry experts from leading food service companies, reflecting the strong belief in the startup’s potential to make a positive impact on the food supply chain landscape.
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