Bendi, an innovative AI-driven platform designed to help businesses tackle supply chain disruptions, sustainability challenges, and reputational risks, has secured €960,000 in pre-seed funding. Led by Midven, a Birmingham-based venture capital firm and part of the global Future Planet Capital fund, the funding round saw participation from Heartfelt Capital (Berlin), Chasing Rainbows (San Francisco), along with angel investors and Innovate UK. The influx of capital will fuel Bendi’s mission to simplify and strengthen global supply chain transparency through its AI-powered platform, Prism.
With this new funding, Bendi is poised to expand its team and capabilities, ultimately aiming to lead in the supply chain transparency and ESG risk management market. As companies increasingly prioritize sustainability, Bendi’s technology could transform their ability to meet regulatory standards, protect their reputations, and establish resilient, responsible supply chains.
Bendi was founded in 2020 by Mandeep Soor, Chief Research Officer Benjamin Norsworthy, and CTO Olivier Bacs. Soor, who has previously held roles at the Boston Consulting Group and British Business Bank, leads with a vision rooted in her personal experiences and professional expertise in data science and strategic planning. Norsworthy, bringing over 15 years of sustainability experience from working with Burberry and the Global Fashion Agenda, emphasizes Bendi’s potential to deliver deep visibility and actionable insights, particularly in industries like fashion where supply chains are notoriously complex. Bacs, whose background includes software development for CircleCI and The Economist, oversees the technology driving Prism.
Reflecting on Bendi’s mission, Soor stated, “Our mission is to empower companies to take responsible actions and strengthen their supply chains with ease and efficiency.” Norsworthy echoed her sentiments, adding that the funding will enhance Bendi’s platform and allow the company to expand its capabilities across more industries and markets.
The global supply chain management market, valued at $29.3 billion in 2023, is expected to grow exponentially, reaching $58.7 billion by 2030. As global supply chains become more complex, companies face increasing difficulties in identifying and mitigating risks tied to environmental, social, and governance (ESG) standards. Evolving regulations such as the EU’s Corporate Sustainability Due Diligence Directive (CSDDD) and the US Uyghur Forced Labor Prevention Act (UFLPA) add pressure on businesses to maintain transparent and sustainable practices throughout their supply chains.
Bendi’s platform, Prism, launched to address these challenges, offers companies an AI-powered solution that automates supply chain mapping and ESG risk assessments. By analyzing over 100 risk indicators in real time across multiple languages, the platform brings an unprecedented level of speed and detail to supply chain risk assessment, providing companies with actionable insights to preempt potential risks.
Prism: AI-Driven Solution for Deep Supply Chain Visibility
Historically, supply chain risk management has relied on slow, manual processes, often involving extensive supplier questionnaires, site visits, and manual data gathering. These traditional methods struggle to penetrate beyond the surface of first-tier suppliers, leaving companies vulnerable to hidden risks in deeper supply chain tiers.
Prism leverages AI to streamline the risk management process by analyzing data from diverse sources in over 35 languages. It identifies and classifies indicators such as human rights violations, environmental risks, and governance concerns in real-time. By offering a fast, cost-effective, and comprehensive view of supply chain risks, Prism is empowering companies to act proactively and avoid potential setbacks due to hidden supply chain vulnerabilities.
Furthermore, with increasing legislative requirements, companies must ensure compliance to avoid penalties and reputational damage. The CSDDD, UFLPA, and similar laws emphasize responsible sourcing and supply chain transparency, making risk management an essential part of a company’s compliance strategy. As Ruper Lyle, Director at Midven, noted, “With global legislation tightening around sustainability and responsible sourcing, Bendi is well-positioned to lead the market. We’re incredibly excited to partner with a team with such huge commercial potential that is simultaneously driving such positive change across so many industries.”
Co-founder and CEO Mandeep Soor’s commitment to transparency and sustainability is grounded in her background, having seen her mother work as a piece-rate seamstress for UK high-street brands. Her drive to tackle supply chain challenges aligns with Bendi’s mission to make resilient, sustainable supply chains accessible to all companies.
In a world where supply chain transparency has become a critical business need, Bendi is paving the way for companies to navigate complex compliance landscapes and tackle risks with AI-driven precision. The €960k investment signals strong confidence in Bendi’s potential to redefine supply chain risk management, making it an exciting player to watch as the market continues to evolve.
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