Singapore-headquartered global investment company, Temasek, and global Venture Capital Fund, Reefknot, have combined to make their primary British investment in artificial intelligence startup Prowler.io.
The amount being invested is currently undisclosed.
Reefknot is a joint venture between Temasek but also Swiss transport and logistics giant Kuehne + Nagel, the business´ main focus is to invest in startups that are “at the forefront” of the logistics and supply industry chain.
They look to support the growth of Series A and Series B stage startups, mainly those in high-growth technology businesses expressing innovative characteristics.
There are three main aspects of the criteria for companies that would be considered for funding, they are artificial intelligence and deep tech startups in planning optimisation, data management, supply chain visibility or predictive capabilities; on-demand models in digital logistics; and trade finance.
Their commitment to funding Prowler.io is the first step in a global $50million finance project that was closed earlier this year. The company was previously valued at $100million following its latest cash injection by Tencent Holdings in May.
Prowler.io artificial intelligence platform for decision-making – VUKU – merges mathematics, engineering and economic theory to aid organisations in making improved choices, processing real-time data in complex situations such as financial markets, transportation and robotics.
In a statement, Reefknot said that it has invested in Prowler.io, a UK-based artificial intelligence company that helps businesses rebalance financial portfolios to managing supply chains and logistics.
“We are excited about supporting the application of Prowler.io’s leadership in using its data-efficient AI techniques to feasibly tackle longstanding challenges in the supply chain and logistics industry,” said Marc Dragon, Managing Director of Reefknot Investments.
“We are very impressed by the Reefknot team’s deep knowledge of the logistics and supply chain industry, and their commitment to shaping its future. In addition, through Reefknot, we have access to their ecosystem of domain partners and have the opportunity to combine their sector expertise with our leading technology platform,” said Vishal Chatrath, co-founder and CEO of Prowler.io.