Sib Solutions, a Lund-based logtech startup, has raised € 2 million in a new financing round, Breakit reports. The investment brings on board Willard Ahdritz, founder of Kobalt Music, and Svante Andreen, former head of Nordea Corporate Finance. The fresh capital will be used to boost sales, drive global expansion, and further develop the company’s AI-driven logistics solution.
Founded in Lund in 2017, Sib Solutions has developed a SaaS service that combines AI and intelligent video analysis to minimize errors and losses in logistics flows. The solution allows for the tracking of transport via camera from the warehouse to the store and ultimately to the end customer. According to Sib Solutions, the cost of warehouse losses amounts to $400 billion annually.
“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
The company has already implemented its technology in 45 logistics hubs across eight countries and collaborates with partners such as Axis Communications and IBM.
