Amazon has invested several million dollars in the supply chain analytics startup.
Amazon has invested several million dollars in Israeli supply chain analytics startup Flymingo. The Israeli company has developed computer vision technology, which can manage inventory in logistics centers in real time.
The investment is being made by Amazon’s industrial innovation investment fund, which was set up in April 2022 with $1 billion to invest is logistics and supply chain startups. Last year the fund invested in Israeli startup BionicHIVE, which has developed robotics for automated warehouses based on AI.
Flymingo was founded by CEO Roy Gherman, CCO Shahar Korin, and CTO Itzik Mizrahi has developed technology that identifies operative errors in the earliest stages of the supply chain. The system uses video footage from the camera infrastructure in logistics centers, and provides a real-time warning of errors that, according to Flymingo’s founders, could cause losses of hundreds of millions of dollars.
According to research, the error rate in logistics centers that handle hundreds of thousands of units per day is 3%, and that each error can cost $50-300. The company will use the investment to expand operations in Europe and North America. Flymingo is currently hiring employees in Israel, the UK and the US.
Published by Globes, Israel business news – en.globes.co.il – on March 21, 2023.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2023.
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