Belgium-based tech startup Garvis lands €3.5M for its bionic AI platform that provides a rapid response to global fluctuations in purchase behavior
One of the lessons companies learned from the covid pandemic is that they can no longer afford to base their demand forecasts on past data. Inventory management and demand planning are two of the areas that have become increasingly challenging for company planners as businesses navigate geo-political risks and fluctuations in the global economy. But these challenges have sparked a revolution in the supply chain industry and also created opportunities for innovative startups.
From sourcing raw materials to manufacturing to delivering to customers, most companies today manage their inventory and demand planning based on predictions. Unfortunately, predictions have become too complex and difficult to manage.
The war in Ukraine, skyrocketing inflation, tight labor markets, and other global upheavals are making consumer buying behavior harder to anticipate; traditional planning methods for estimating inventory is no longer sufficient. Often consisting of simple Excel spreadsheets, old models make forecasts based on past data—data that is no longer reliable.
Enter Garvis, an Antwerp, Belgium-based tech startup and the developer of bionic artificial intelligence (AI) platform that’s sparking a paradigm shift in how planners and companies manage their inventory. Unlike the traditional planning methods used by most companies today, Garvis’ bionic planning system combines AU with the planner’s own insights and real-time data analysis and is made operational in just 1 day.
A year after the launch of its AI platform for demand and inventory planning, Belgian startup Garvis raised € 3.5 million to develop the platform. Investors include British investment funds Superseded and Scalebridge Capital, and the German group Bosch Ventures. Garvis’ technology enables companies to respond at lightning speed to upheavals and evolutions that influence customer purchase behavior. One unique feature: even non-specialists are able to use the platform within a day.
Given the complexity of planning and global fluctuations in purchase behavior, businesses need a radical new planning method that uses risk profiles, insight, and real-time data. The platform Garvis developed, maps relevant environmental factors and provides transparent, explainable insights and predictions of demand patterns for various industries such as automotive, semiconductor, retail, and food and beverage.
It uses open-box AI to respond to global fluctuations in buying behavior. Unexpected changes in demand patterns are recognized early, allowing planners to immediately adjust their forecasts and keep schedules up to date. Garvis works with the University of Antwerp (Belgium) to continuously optimize the predictive algorithms. Delaware supports the commercialization of the platform as a partner.
Emphasizing this need, Garvis founder and CEO Piet Buyck said: “With Garvis, the planner stays central. The planner communicates directly through Artificial Intelligence with what we call a bionic interface. Thanks to an accumulation of experience, Garvis can automatically convert real-time data into highly accurate plans. Businesses can optimize their inventories, use available materials more efficiently, and ensure better customer service.”
Though less than a year old, Garvis recently raised € 3.5 million from British investment funds Superseed and Scalebridge Capital, and German group Bosch Ventures. More than 50 established names use the platform today, such as Jacobs Douwe Egberts. With the new capital injection, Garvis aims to further internationalize and democratize the AI platform.
Tineke Kok, Global IBP Manager at Jacobs Douwe Egberts: “Our products are often heavily promoted, so demand can vary widely. It is incredibly difficult to make accurate predictions. We have tested Garvis thoroughly and we are extremely satisfied with the results.”
Piet Buyck: “Usually, multinationals have their own sophisticated planning systems. Our mission is not only for large companies, but also so small and medium-sized businesses can have access to demand and inventory planning based on AI technology. The level of IT maturity is irrelevant. Even non-specialists can start working with our platform in just one day—a revolution in our industry.”
Dan Bowyer, Co-founder and Partner at Superseed: “Weak forecasting causes sales to fluctuate between 2 and 10 percent. Poor demand and inventory planning has a huge impact on business results and is extremely wasteful. Garvis’ solution comes at just the right time. The technology can have a huge impact on business.”
Dr. Ingo Ramesohl, Managing Director of Bosch Ventures: “Garvis is a key enabler to strengthen companies’ resilience of global supply chains through forecast fluctuating sales and working capital needs for companies worldwide. Bosch has started to work with Garvis in several regions. The investment in Garvis adds another company in the AI and Software domain to our portfolio of innovative start-ups.”