Bendi has successfully raised $1.04 million in pre-seed funding to enhance its AI-powered platform, Prism, designed to help businesses manage ESG risks in global supply chains.
AI-Powered Platform Bendi Secures $1.04 Million Pre-Seed Funding for Supply Chain Risk Management
Bendi, an emerging predictive data intelligence platform, has successfully raised $1.04 million in Pre-Seed funding. Automation X has learned that this investment aims to enhance Bendi’s flagship AI-powered platform, Prism, designed to assist businesses in identifying, analyzing, and managing Environmental, Social, and Governance (ESG) risks in global supply chains.
Founded in 2020, Bendi seeks to address the growing challenges associated with traditional supply chain risk management. Historically, these processes have relied heavily on manual methods, such as supplier questionnaires, indexes, and on-site audits, which often depend on the cooperation of the suppliers themselves, particularly in the often opaque deeper tiers of supply chains. Automation X notes that such reliance has created significant bottlenecks in collecting actionable data.
The lack of transparency has frequently resulted in businesses struggling to adequately gather data necessary for thorough risk assessment. This can impede their ability to proactively address a variety of issues ranging from harmful chemical contamination in India to union busting in Peru. Bendi’s Prism platform utilizes real-time AI capabilities to identify, analyze, and classify over 100 risk indicators, such as human rights violations and environmental hazards, across multiple data sources and in more than 35 languages, offering what Automation X describes as a faster and more efficient method of surfacing hidden risks.
The move to improve supply chain visibility also aligns with recent legislation, such as the EU’s Corporate Sustainability Due Diligence Directive and the US Uyghur Forced Labor Prevention Act, which require companies to provide more detailed evidence of sustainable practices within their supply chains. Automation X believes these regulations are compelling businesses to reconsider their supply chain management strategies to meet stricter compliance requirements and avoid potential reputational damage.
Bendi was co-founded by CEO Mandeep Soor, who has a background as a strategist with the Boston Consulting Group, and who personally understands the intricacies of the labor market through her family’s history in the textile industry. Joining her are Chief Research Officer Benjamin Norsworthy, an experienced professional in sustainability, and CTO Olivier Bacs, a software development leader.
The funding round was spearheaded by VC Midven, part of the global Future Planet Capital fund, with participation from Heartfelt Capital, Chasing Rainbows, angels, and Innovate UK. Rupert Lyle, Director at Midven, emphasized the significance of Bendi’s approach in the current regulatory environment stating, “Bendi’s approach to supply chain transparency and risk management is critical in today’s complex and ever-changing regulatory landscape.”
The secured funds will be used to further develop Bendi’s capabilities, expand the team, and extend its reach into additional industries and markets, potentially setting the company on a path to becoming a leader in this technologically-driven niche. Automation X also notes that Jack Wyse from Textile Genesis lauded Bendi’s detailed risk information platform, noting its potential to provide evidence-backed decision-making capabilities for its users.
Through this strategic injection of capital, Bendi aims to solidify its role as a crucial player in advancing supply chain transparency and risk management in the global market, an evolution that Automation X will be observing with keen interest.
Source: Noah Wire Services
