Transmetrics Secures €1.67 Million Grant to Advance Logistics Efficiency
Alumni-led Transmetrics has been awarded €1.67 million grant by the European Commission in the ultra-competitive European Innovation Council Accelerator programme. Transmetrics competed with over 1,800 applications and EC selected to finance only 75 projects that truly represented breakthrough deep-tech innovations with significant societal impact. The funding will allow the company to develop its unique AI-driven logistics optimization software.
“We are extremely happy and proud to receive this grant, given the fierce competition,” said Asparuh Koev (‘98), Co-Founder and CEO of Transmetrics. “It will allow Transmetrics to accelerate the development of our innovative software, scale our new product and bring economic benefits to this tough market.”
Transmetrics offers predictive optimization Software-as-a-Service based on Artificial Intelligence for the cargo transport industry. By using technologies like machine learning, data mining and predictive analytics, Transmetrics’ products help cargo companies to continuously increase their operational efficiency and reduce costs.
“This is the industry where profit margins are very thin and by optimizing logistics asset management with Transmetrics, mid-size companies can double their profit and reduce unnecessary carbon emissions by using fewer assets needed for transport,” Koev said.
Transmetrics is well-known for its successful work with some of the leading logistics companies in the world, such as Kuehne+Nagel, DB Schenker, DPDgroup, Gebrüder Weiss, and more. During this project, Transmetrics will develop its next-generation predictive optimization software to respond to the needs of mid-size cargo transport companies.
Transmetrics’ software aims to address extreme inefficiencies in logistics. For example, trucks in the EU are driving on average half-empty, wasting economic resources and creating unnecessary emissions, while logistics is responsible for 30% of the world’s carbon emissions. Today, logistics service providers are still planning their resources mainly in Excel, based on experience and gut feeling of planners. Transmetrics’ software replaces this manual planning process.
However, the goal of Transmetrics is not to substitute the planners, but to make them better at their job by combining their knowledge and experience with an automated AI-driven planning tool. As a result, companies can easily calculate and organize the most optimal logistics resource quantities based on multiple business constraints, costs, and accurate demand forecasts. Due to its data quality improvement module, Transmetrics’ software can work even with low-quality data that is common for the logistics industry.
During the preliminary trials with two European logistics companies, Transmetrics’ state-of-the-art technology has already proven significant benefits for the mid-market players, saving over 20% of transport costs. For its potential to bring innovation to the logistics optimization market, the project received support from highly reputable European logistics associations such as ALICE, CLECAT, and FORWARD Belgium. Once launched, Transmetrics’ product will be offered on a software-as-a-service monthly subscription and companies will be able to deploy it in under three months.