Transmetrics, Bulgaria, receive a €1.67 million grant by the European Commission in the European Innovation Council Accelerator program to support the development of Transmetrics' artificial intelligence (AI)-driven logistics optimization software.
During this project, Transmetrics will develop its next-generation predictive optimization software for mid-size cargo transport companies.
"We are extremely happy and proud to receive this grant, given the fierce competition. It will allow Transmetrics to accelerate the development of our innovative software, scale our new product and bring economic benefits to this tough market," says Asparuh Koev, co-founder and CEO. "This is the industry where profit margins are very thin and by optimizing logistics asset management with Transmetrics, mid-size companies can double their profit and reduce unnecessary carbon emissions by using fewer assets needed for transport."
During the preliminary trials with two European logistics companies, Transmetrics' state-of-the-art technology saved over 20% of transport costs.