BMW i Ventures invests in inventory optimization software company Verusen; intelligent, connected supply chains
BMW i Ventures invested in the Series A financing of Verusen, which provides an AI-driven inventory optimization solution to fuel the intelligent, connected supply chain.
The funds will be used to support the company’s seven-fold sales growth in 2020, including its global expansion and scaled delivery of its purpose-built AI, machine learning (ML) and neural network technologies to create the self-learning supply chain for customers in more than 25 countries.
The round was led by Forté Ventures and Flyover Capital and also included participation from Glasswing Ventures, Zetta Venture Partners, Kubera, and Engage.
Verusen’s solution addresses the shortcoming of existing inventory optimization solutions by taking a data-centric approach that combines AI-based data cleansing and predictive models for inventory optimization. The ultimate impact of Verusen’s solutions is tens of millions of dollars in capex savings for its customers. Additionally, as Verusen’s system is a one-stop solution for both data cleansing and inventory planning, customers have the added advantage of significantly lower cost than traditional solutions and faster time to rollout.