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AI startup 7bridges just raised $3 million in a seed round backed by LocalGlobe and Crane Venture Partners

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7bridges cofounders Philip Ashton and Matei Beremski

  • AI logistics startup 7bridges has raised $3.4 million in a seed funding round backed by LocalGlobe and Crane Venture Partners. 
  • The AI logistics market is expected to be worth more than $6 billion globally by 2023, according to analysts at Infoholic Research. 
  • Scott Sage, partner at Crane Venture Partners, said COVID-19 had created "an incredibly important opportunity for disruption". 
  • Visit Business Insider's homepage for more stories.

AI startup 7bridges has raised $3.4 million in seed funding after being backed by major VCs such as LocalGlobe and Crane Venture Partners. 

The London-based firm has designed an LEO ("Logistics Engine Optimization") platform suitable for all kinds of businesses, from retail through to manufacturing and healthcare. 

Artificial intelligence is playing an ever-increasing role in businesses' operations, with analysts at Infoholic Research suggesting the AI logistics market will be worth $6.5 billion by 2023. 

7bridges says its platform "transforms outdated, rules-based logistics processes ... into agile and automated systems that continuously adapt to change". 

Philip Ashton, co-founder and CEO of 7bridges, said: "Customer expectations of deliveries have fundamentally shifted over the past few years, in terms of both speed and sustainability.

"While this dramatically increases the costs and complexity of the logistics category, it has created an opportunity to gain an enormous competitive advantage."

Scott Sage, partner at Crane Venture Partners, added: "Like many other industries, from banking to construction, supply chains are becoming rapidly digitised across the economy. This creates an incredibly important opportunity for disruption.

"We're always on the lookout for passionate founders who have experienced the problem they're working to fix, and are proud to be working alongside the 7bridges team - there's no substitute for their level of expertise."

George Henry, partner at LocalGlobe, said: "COVID-19 has highlighted the importance of logistics resilience, for large businesses and SMBs alike. 7bridges is offering a unique AI-powered solution for building scalable, adaptive logistics systems - so that organisations can continue to fulfil their customers' orders whatever the future holds.

"We're excited to be part of the 7bridges journey, as the team leads the way in logistics evolution."

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