Reefknot is investing in Cambridge-based start-up Prowler.io, which is creating an AI platform for decision-making.
Singapore-headquartered venture fund Reefknot Investments has announced its first strategic investment, with plans to invest in Cambridge-based AI start-up Prowler.io.
Reefknot Investments, which was formed as a joint venture between Singapore investment firm Temasek and logistics group Kuehne and Nagel, is making the investment after closing a $50m fund earlier this year.
With the support of Kuehne and Nagel, a global logistics company with 82,000 employees in 1,300 locations, Reefknot’s fund plans to focus on the logistics and supply chain industries.
As well as offering investment, the fund will also leverage its ecosystem of partners to support portfolio companies with the necessary domain or technical expertise needed to further their products and platforms. Exact terms of this investment were not disclosed.
Using AI to enhance decision-making in ‘complex environments’
Previously featured on Siliconrepublic.com’s list of start-ups to watch in Cambridge, Prowler.io combines three different branches of mathematics to create an AI platform for general purpose decision-making.
The start-up believes that by 2025, principled decision-making using autonomous AI agents will drive the world economy.
Vishal Chatrath, co-founder and CEO of Prowler.io, said: “We are very impressed by the Reefknot team’s deep knowledge of the logistics and supply chain industry and their commitment to shaping its future.
“In addition, through Reefknot, we have access to their ecosystem of domain partners and have the opportunity to combine their sector expertise with our leading technology platform.”
Founded in 2016, Prowler.io was recently valued at $100m following its latest funding round, which was led by Chinese technology giant Tencent. Other participants in that funding round included SGInnovate and Atlantic Bridge.
Marc Dragon, managing director of Reefknot Investments, said: “We are excited about supporting the application of Prowler.io’s AI leadership in using its data-efficient AI techniques to feasibly tackle longstanding challenges in the supply chain and logistics industry.
“Prowler.io’s AI platform and capabilities will greatly enhance decision-making in complex and uncertain environments that represents the type of transformational technologies Reefknot is committed to in order to drive supply chain and logistics sector innovation.”