A Birmingham-based supply chain risk management company has secured £815,000 in seed funding.
Bendi Software has developed AI-powered data intelligence software, Prism, which addresses a major challenge for businesses: identifying and managing environmental, social and governance risks hidden within complex global supply chains.
ESG risks like forced labour, health and safety issues, and environmental non-compliance can be difficult to detect, especially for large retailers with multi-tiered supply chains. Bendi’s solution addresses this gap by analysing vast amounts of data to map a brand’s entire supply chain network.
The technology identifies potential ESG risks at specific locations and suppliers, provides real-time risk alerts and enables companies to proactively manage and mitigate issues.
The round was led by a £230,000 investment from the West Midlands Co-Investment Fund (WMCO), managed by Midven, part of Future Planet Capital.
“I am pleased to see a unique West Midlands-based business that is focused on an industry of the future secure this investment,” said Richard Parker, Mayor of the West Midlands and chair of the West Midlands Combined Authority.
“This is the sort of venture the West Midlands Co-Investment Fund was set up for. Large retailers are under pressure to improve their corporate social responsibility. Bendi has created a useful tool to detect malpractices and help companies deliver sustainable practices, improve community cohesion, and minimise carbon footprints.”
Mandeep Soor (pictured, left), CEO and co-founder of Bendi, said: “This funding will be instrumental in supporting the development of our Prism software and enabling us to expand our team, enhance our product offering, and explore new market opportunities.
“We are confident that Prism has the potential to revolutionise the way businesses approach data intelligence, and we are excited to take the next step on our journey with the support of the WMCO.”