Flowlity, an innovative AI-based supply chain planning and forecasting solution, has secured over £4 million in funding, led by Fortino Capital, to expand throughout Europe.
The funding will be used to accelerate its development with the aim to becoming an industry leader by providing innovate ways of reducing waste across the entire supply chain – enabling companies to save money and reduce their carbon footprint.
Armed with its innovative AI-based tool, Flowlity is already working with several companies in the manufacturing and retail sectors, such as Saint-Gobain, Miba, and Bosch. For La Redoute, the software has already led to an inventory reduction of 40% and at e-commerce retailer Camif, stock shortages have reduced by 10%.
In today’s world, traditional JIT (Just-in-time) models are not robust enough to handle increasingly frequent supply chain disruptions. COVID has demonstrated the importance of supply chain planning to manufacturers and the general public around the world, but it has also highlighted a host of problems, including raw materials shortages and increasing lead times. Around $2 trillion dollars are lost every year as a result of overstocking or shortages, all caused by the use of obsolete forecasting models.
Intending to provide an effective response to the challenges, Flowlity has come to the fold with a new planning and stock optimisation methodology called ‘Resilient Planning’. The solution allows supply chain planners to capture market volatility and react to disruptions in an agile and effective way.
Jean-Baptiste Clouard, CEO at Flowlity said: “Thanks to support from Fortino Capital, OSS Ventures and 42CAP, we will be able to work with more European companies in their planning challenges to help them to reduce scrap and waste and to reduce their carbon footprint.”
Filip Van Innis, Investment Director at Fortino Capital said: “We believe Flowlity has a clear strategic focus and an experienced team to accelerate the transformation and digitalisation of supply chain optimisation models across Europe and thereby facilitate a more robust economy.”
Alexander Meyer, Partner at 42Cap, a Munich-based seed investor, said: “We are delighted to continue to support Flowlity in their European expansion. Since they first launched, we have believed in the power of their platform and their growth potential.”
2021 was a good year for Flowlity, – as well as featuring among the winners at the 23rd edition of the iLab Innovation Competition, it also expanded internationally by signing the first cross-Atlantic contract and doubling its client portfolio.
Building on 100%+ growth, Flowlity is continuing its rise in 2022 and is welcoming Peter Schram, former Senior Director Analyst at Gartner, and Edouard Fourcade, former Managing Director EMEA at Anaplan, to the board. To achieve the business objectives, they hope to expand its current team of 30 employees to around 50 by the end of the year.