Sib Solutions, a logtech startup based in Lund, has secured €2 million in funding to enhance its AI-backed logistics services. Co-founded by Stefan Borg in 2017, the startup's technology assists in tracking transport from warehouses to customers, minimizing logistics errors and warehouse losses that amount to $400 billion yearly. The new financing involves industry experts like Willard Ahdritz and aims to strengthen their sales efforts and international presence. The company’s platform is already active in 45 logistics hubs across eight countries, collaborating with notable partners such as Axis Communications and IBM.
"With a fully financed business plan and a strengthened cap table, we can now accelerate our global expansion," said Stefan Borg, CEO and founder of Sib Solutions, to Breakit.
Sib Solutions has developed a SaaS service that combines AI and intelligent video analysis to minimize errors and losses in logistics flows.
The fresh capital will be used to boost sales, drive global expansion, and further develop the company's AI-driven logistics solution.
The cost of warehouse losses amounts to $400 billion annually.
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