The Lausanne based GenLots, a SaaS provider that optimizes supply chain and purchasing processes, has raised additional seed funding from Fly Ventures and ACE & Company. This brings the total amount raised above CHF 1 Million. The funds will flow into further developments of its Artificial Supply Chain Brain.
Founded in 2017, GenLots helps industrial companies to optimize their supply chain process by providing them with an AI SaaS platform – the Artificial Supply Chain Brain – which uses machine learning to deliver optimal and trustworthy ordering plans in seconds. This results in reduced Total Cost of Ownership by up to 10%. Savings are achieved by a reduction of inventory, a decrease of transactions and optimal usage of prices – all computed by the software.
“The maturity of the technology and willingness to share data have opened doors for us, previously not thinkable. Our software systematically explores all opportunities to minimize Total Cost of Ownership in seconds, unlike any solution available today. To do the computations by traditional methods would take a standard computer approximately 20’000 years.”
Since December 2019, GenLots also released the Opportunity Dashboard, a one-touch organizational tool that centralizes and ranks all savings opportunities in real-time. The Dashboard allows various roles, such as supply chain directors, material planners or strategic buyers to oversee the purchase plan – optimized with everyday-fresh data. Major companies like Barry Callebaut, a global leader in chocolate production or Huber + Suhner are using the software. Implementation at the pharmaceutical player Merck already demonstrated substantial savings in the Total Cost of Ownership.
New funds for development and expansion
To further enhance its solution and secure new markets, GenLots has obtained additional funds bringing the total amount raised in the seed round to above CHF 1 Million. Fly Ventures and ACE & Company participated in the round. The new investment will enable GenLots to scale its operations, meet customer requests faster and to extend GenLots reach in the AI-ecosystem applied to the supply chain. Additionally, the company aims to globally expand its solutions and work more closely with leading procurement & supply chain organizations to integrate its Artificial Supply Chain Brain.
“Our target market is huge, just looking at Switzerland, we have more than 400 large companies in the industrial sector, that could potentially benefit from our technology,” says Arnaud, co-founder of GenLots.
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