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.

Update: originally the article said € 2 million, but that was as part of a larger round in 2024 as well. The correct amount in this round is € 1 million accoridng to Swedish Tech News.

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Founded in 2017 and based in Lund, Sib Solutions has positioned itself as a frontrunner in leveraging artificial intelligence to optimize logistics operations. The platform’s sophisticated video analytics technology offers a groundbreaking solution for the logistics industry, aiming to enhance efficiency, reduce operational costs, and improve overall supply chain visibility.

The follow-on investment was contingent upon the fulfillment of specific conditions set during the 2022 fundraising round. Swedish Tech News reports the company has yet to disclose its financial performance for 2023, but its 2022 fiscal year report highlighted challenges, with a net revenue decline to SEK2.5M (from a total revenue of SEK8.3M) and a reported loss of SEK34.7M. Despite these financial hurdles, the continued support from its investors underscores a strong belief in Sib Solutions’ potential to revolutionize the logistics sector through AI-driven innovations.

As Sib Solutions continues to develop and refine its platform, this new injection of funds is expected to bolster the company’s research and development efforts, enhance its product offerings, and expand its customer base. The logistics industry stands on the cusp of a significant transformation, with AI video analytics playing a pivotal role in reshaping how businesses approach operational efficiency and data-driven decision-making.

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