Birmingham-based supply chain risk management company Bendi Software Limited, has secured a £815,000 seed funding round to support the development of its AI-powered data intelligence software, Prism. Led by a £230,000 investment from the West Midlands Co-Investment Fund (WMCO), the funding will enable Bendi to expand its team, enhance its product offering, and explore new market opportunities. The fund is managed by Midven, part of Future Planet Capital.
Bendi’s Prism software addresses a major challenge for businesses: identifying and managing ESG (Environmental, Social, and Governance) risks hidden within complex global supply chains. Traditionally, ESG risks like forced labour, health and safety issues, and environmental non-compliance can be difficult to detect, especially for large retailers with multi-tiered, global supply chains. Bendi’s solution addresses this gap by analysing vast amounts of data to map a brand’s entire supply chain network. The technology identifies potential ESG risks at specific locations and suppliers, providing real-time risk alerts, and enabling companies to proactively manage and mitigate issues.
For large multinational retailers, assessing the ESG credentials of all suppliers, and their sub-suppliers, has become increasingly difficult given the multi-level tiers across various locations. 85% percent of UK companies believe their current supply chain capabilities fail to deliver on traceability. Existing risk management or supply chain modelling solutions fail to detect and then relate different types of risk at various locations globally to specific suppliers and tend to rely on sources of data which are not dynamic, such as country-level national indexes.
Midven, the fund manager for WMCO, recognises Bendi’s technology as a critical tool for businesses struggling to navigate the increasingly complex landscape of modern supply chains.
The investment will provide Bendi with the resources to bolster its team with key personnel. This will allow them to refine its software by integrating deep learning for more sophisticated risk detection. Additionally, the funding will fuel the development of new features like predictive risk alerts and support Bendi in expanding partnerships and exploring new market opportunities.
The WMCO was launched by the West Midlands Combined Authority (WMCA) and the West Midlands Pension Fund last year to help expand SMEs that offer high-growth potential and the ability to help supercharge the regional economy. Managed by Midven, part of Future Planet Capital, the fund provides innovative SMEs with equity of up to £1 million matched on a 1:1 basis by private co-investment.
Richard Parker, Mayor of the West Midlands, and chair of the WMCA, said: “I am pleased to see a unique West Midlands-based business that is focused on an industry of the future secure this investment. This is the sort of venture the West Midlands Co-Investment Fund was set up for. Large retailers are under pressure to improve their corporate social responsibility. Bendi has created a useful tool to detect malpractices and help companies deliver sustainable practices, improve community cohesion, and minimise carbon footprints.”
Mandeep Soor, CEO and Co-Founder of Bendi said, “This funding will be instrumental in supporting the development of our Prism software and enabling us to expand our team, enhance our product offering, and explore new market opportunities. We are confident that Prism has the potential to revolutionise the way businesses approach data intelligence, and we are excited to take the next step on our journey with the support of the WMCO.”
Daniel Gaize, Associate at Midven said, “Bendi’s Prism software has the potential to be a game-changer in the data intelligence space, and we are confident in the team’s ability to deliver on their vision. This investment aligns perfectly with our mission to support innovative and high-growth businesses in the West Midlands.”