SiB Solutions has raised 50 MSEK and is going global.
In the logistics industry, goods worth ten billion euros disappear every month. At the same time, the costs of fixing these problems are twice as high. This is something that SiB Solutions, based at Ideon Science Park, will change through Intelligent Video Analysis and AI – a new solution in the logistics industry. The company’s ambition is to take a global position in AI technology, enabling flawless logistics.
– Today, there is no one else who has chosen to apply these technologies towards the logistics industry. We see a great opportunity to become a leading player globally, and we are now ready to go global.
– Stefan Borg, CEO and co-founder of SiB Solutions.
SiB Solutions plans include having its own staff in the USA, Central and Southern Europe and Southeast Asia. They will also collaborate with Business Sweden in this global expansion plan.
– The Investment Committee with people from all over the world found it easy to understand SiB Solutions’ business potential and we will now help the company to map markets and find customers and partners in their area of focus.
– Anders Bohman, Head of LEAP Accelerator at Business Sweden.
The raised capital will go to the company’s global expansion, and in addition to product development and to further strengthening the HQ in Lund. Businessman Anders Pettersson, former partner in Sharkmob which was sold to Tencent, is reinvesting in the company and Swedish Nidoco AB, a subsidiary of the Finnish Virala Oy Ab Group, is a new major investor.
SiB Solutions was founded in 2017 by three experts in logistics and technology who for more than 25 years saw the same problem repeat itself throughout companies and supply chains. By combining proven technology such as video with cutting-edge technology such as AI, IIoT and intelligent video analysis, SiB Solutions makes it possible to prevent errors in logistics. The key is superior visibility and visual insights, in real time and in retrospect.