The supply chain has been going on in 2020, when Covid-19 defeated the legacy global supply chain. Recently, companies like Shein and Temu are constantly creating new products in Retail's Tiktok-Ifitial, as consumers change at the same rapid pace.
Pendulum aims to help businesses better plan for supply and demand in this new on-demand economy.
Pendulum's software connects all of the company's fragmented internal data sources, including inventory, procurement, and pricing, into a single model equipped with AI to help businesses forecast and optimize supply and demand. Masu.
Co-founder and CEO Benjamin Fels told TechCrunch that getting the supply and demand right helps businesses not only improve margins but reduce waste. “The most powerful thing you can do to become more sustainable as a retailer is that demand and demand are absolutely supplying,” Fels said. “If you know everything that someone wants, you're going to dramatically decarbonise your operations, and you'll increase your margins on a massive scale.”
FELS got the idea for Pendurum after spending years on the trading floor of derivatives and overseeing the team that built AI-enabled forecast products for financial demand and supply. Fels said he wondered whether the same approach would work for supply and demand in the supply chain world.
He released Macro-Eyes in June 2013 along with MIT's Suvrit SRA and looked into it. The pair spent years researching and developing this concept. When the company was ready to commercialize and nurture facility capital in 2023, they rebranded its Pendurum.
Pendulum is currently working with retail, healthcare and national defense companies. Victoria's Secret Ownership My and the US Department of Defense are our customers.
Pendulum has announced a $22 million funding round containing $11 million in undiluted capital for research and development, and $11 million in venture capital from companies such as: FELS said the company will use its funds to help the company scale with its core set of customers, expand its customer base and improve its products.
Jean François Gagne
In addition to fundraising news, Pendulum is joining the company as Chief Strategy and Product Officer, co-founder of Element AI, which was acquired by ServiceNow for $230 million in 2020. It has also been announced.
“JF not only has this insight into bringing AI into businesses, but also has this rich history across many of these basic optimization problems. “Fels says. “After multiple three hours of straight conversations, we had to click on what JF should lead our product vision and lead our strategy on how to expand this.”
Supply chain technology has become a hot category since the pandemic shed light on vulnerabilities in existing global supply chains. Fels believes the pendulum stands out as its algorithmic approach was built on a decade of research and development.
“People have been trying to optimize their supply chain for five,000 years,” Fels said. “Over the past two or three years, volatility and uncertainty about both supply and demand have been collided with incredible forces between all retailers, all organisations exposed to the supply chain. We are I really felt that it needed a different kind of response.”