A University of Cambridge spinout which helps companies to de-risk their supply chains has been acquired by American firm Exiger.
Versed AI helps companies to monitor, manage and mitigate supply chain risks through artificial intelligence.
Born within the university’s Language Technology Lab, its technology brings visibility and transparency to the supply chain through natural language processing which extracts buyer-supplier relationships from text documents.
It can then aggregate this into a large supply chain map. Use cases include meeting regulatory requirements, such as the UK Modern Slavery Act; pinpointing possible points of failure in the supply chain, such as common sub-tier suppliers; and identifying geographical concentrations of risk.
Versed AI won first prize in Cambridge Enterprise’s Postdoc Business Plan Competition and was also selected for KPMG’s competitive Future Tech Program and SAP.io Foundry for Digital Supply Chain.
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Exiger is a solution for supplier mapping and risk analysis.
“We’re thrilled to join an organisation that shares our commitment to developing exceptional technology – not only to satisfy and streamline day-to-day business demands but to make the world more ethical and transparent,” said Versed AI co-founder and CTO Dr Simon Baker.
Exiger CEO Brandon Daniels added: “Procurement and supply chain professionals across the public and private sector are overwhelmed by the amount of data they have to navigate to meet daily operational and regulatory requirements like tariff analysis, alternative vendor sourcing, forced labour checks, environmental impact assessments and CSDDD compliance,” said.
“This acquisition allows us to offer a beautifully simple solution to those challenges.”
Fenella Boyle (pictured), Versed AI co-founder and CEO, said: “After surveying the competitive landscape, we feel strongly that our technology will have the greatest impact when deployed within Exiger’s market-leading AI and across their vast and rapidly growing customer base.”