AllRead MLT closes a €700,000 financing round
AllRead Machine Learning Technologies, a startup that has developed a deep learning-based software for the traceability of assets in logistics and supply chains, has closed a financing round of 700,000 euros. The financing is led by Global Omnium, through GoHub Ventures, its corporate venturing vehicle, plus other professional investors like Family Offices and business angels from ESADE Business School.
In addition, the startup has received financial support from the Government of Catalonia and the Spanish Ministry of Science and Innovation through the Torres Quevedo program. DWF-Rousaud Costas Duran participated in the operation as legal advisers and Ponti Strategic Intellectual Property Services for IP protection.
Born in 2019 within the The Collider program from Mobile World Capital Barcelona, AllRead Machine Learning Technologies seeks to create a technological disruption in the tracking, identification and monitoring of assets across logistics and supply chains through its own innovative technology, the result of years of research at the Computer Vision Center of Catalonia.
It is a software solution based on Artificial Intelligence capable of detecting and reading, in real time, any kind of texts, codes or symbols from any image, even if they are damaged or even partially hidden. Thus, it offers levels of certainty and accuracy higher than the market standards, which reduces dramatically the requirements in hardware and initial investment.
The startup has managed to attract large clients such as freight ports (Barcelona, Algeciras, Bilbao), airport cargo companies (IAG Cargo), logistics (Correos), public services (Idrica) and other corporations such as Telefónica and Comsa. The capital inflow into AllRead MLT will serve to hire a powerful engineering team focused on product development and the expansion of the European commercial network for its artificial intelligence solutions.
Miguel Silva-Constenla, CEO and co-founder of AllRead MLT said, “A new cycle has begun at a global level, where smart and sustainable technologies such the ones created by AllRead MLT, will be key to improving the operational efficiency of logistics and supply chains, a strategic sector in full disruption worldwide.”