Senvo, a Berlin, Germany-based provider of a spend visibility and reconciliation tool that enables large shippers to reduce their shipping cost, raised €2.5M in funding.
The round was led by defy.vc and Two Ravens with participation from Fund F. Angel investors included other investors such as Mike Roth, former VP of Global Customer Fulfillment at Amazon, Dirk Reich, Board Member at Swiss Post, and the founders of byrd. Neil Sequeira, Founder and Partner at defy.vc, will be joining Senvo’s board of directors.
The company intends to use the funds to accelerate product development.
Led by CEO Marie Kober, Senvo provides an infrastructure and data platform that offers customers full visibility into their logistics costs, enabling savings through automated audits. By verifying freight invoices, it reduces overbillings and handles claims for lost or damaged shipments, saving customers time.
The app is designed to scalably ingest, unify, and index logistics data from diverse sources and formats. Its library of pattern recognition techniques parses various data types and correlates the information. Leveraging search algorithms from symbolic AI, the app matches these patterns to the appropriate ingestion methods and formats, integrating new data sources into the system with minimal programmer intervention.
Primary customers include large e-commerce shippers and third-party logistics providers (3PLs) that facilitate transportation services. For fulfillers, the platform improves cash flow by reducing invoice processing time from over 50 days to less than 5 days. It ensures no conflict of interest by focusing solely on data processing, without matching shippers with service providers or brokering rates.
Senvo is used by large shippers including Schneider Electric, byrd, everstox, Autodoc and more. After Senvo’s December 2023 launch, the company has already processed more than 7.6 million shipments and €24.9M in spend.
FinSMEs
27/09/2024