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Friday, 29 April, 2022

AI Fintech news and insights – Freshflow raises $1.8M

Berlin based startup Freshflow have just raised $1.8M for future investment and growth. Freshflow have developed an AI platform to reduce food waste with some of the biggest largest grocery retailers in Germany.

The Freshflow AI platform helps the ‘just-in-time’ fresh product supply chain for supermarkets. The idea is that the system monitors demand and the AI helps reduce over or under supply of fresh produce. In order to get a better decisions, the AI also analyses a wider range of data including sales, timing as well as local events, weather, shelf lives and more. The company says its platform has helped retailers get ‘28% reduction in food waste and a 16% increase in revenue’ over traditional means.

“For most grocers, it’s incredibly challenging to make the right decision on order quantities for fresh produce, especially when relying on gut feeling, past experience and tedious pen and paper methods. Freshflow takes the guesswork out of the equation by making the ideal order on autopilot, giving retailers back the gift of time, money and crucially, supplies.” – Retail Innovation hub

Thoughts and insights
Most supermarkets are on fairly tight margins and buying decisions can be critical. A decision could mean the difference between making a profit or creating huge food wastage and economic losses. Food or capital waste limitation can help the company prosper as well as the environment too. AI is a perfect application for this.

The AI model can be fed with huge amounts of data and make incrementally accurate decisions every day. Also, as new intelligence appears, this can be loaded into the model for a more accurate prediction. I see that most companies will have an aspect of this in their procurement procedure and I see Freshflow rolling out across continents. They key to its success with be the ‘freshness’ of the data and the AI model. Keeping these update could yield huge returns in the long term.

More information
Freshflow website
Retail innovation article

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