Belgian software startup Garvis has raised 3.5 million euros. The company uses Artificial Intelligence (AI) to predict stock levels. Garvis will use the funds to develop its platform and accelerate international expansion.
The Antwerp-based Garvis was founded a year ago. The software platform is used by over 50 companies, including Jacobs Douwe Egberts and Q8 Oils. Currently, the company has offices in Belgium, the United States and India.
AI-powered stock prediction
Garvis uses AI algorithms to optimize customer demand and stock levels. To do this, the technology uses past data and real-time data as well as risk profiles to make predictions.
The technology uses past and real-time data.
For example, Garvis can predict customer demand using past buying patterns in combination with real-time factors such as Point-of-Sale data, pricing and the weather.
With the 3.5 million euros of raised funding, Garvis plans to expand internationally and further develop its platform. The startup is already working with the University of Antwerp to continue optimizing their algorithms. According to the company’s website, the software can currently reduce forecast errors up to 30 percent.
AI for small and medium-sized businesses
“Large multinationals usually have their advanced planning systems,” founder and CEO Piet Buyck says. “Our mission is to give small and medium-sized enterprises access to demand and inventory planning based on AI technology in addition to large companies.”
“Our mission is to give SMEs access to AI.”
According to Buyck, the planner can communicate directly with the AI-software. “He uses his experience to automatically convert real-time data into the most accurate plans. In this way, companies can optimize their stocks, use the available materials more efficiently and guarantee better customer service.”