BRUSSELS, Belgium, May 14, 2020 /PRNewswire/ -- Transmetrics, a leading software provider of predictive optimization solutions for the logistics industry, currently seeks beta users and partners for its EU's Horizon 2020 funded project. The company's announcement comes after receiving a €1.67 million grant from the European Commission in the European Innovation Council Accelerator (EIC) programme. This grant funds the development of Transmetrics' AI-driven logistics optimization software, which supports planning processes and improves the utilization of resources.
Since the project began in March 2020, Transmetrics has been developing a commercially viable, tactical optimization solution for the mid-sized logistics market. This software will include 'what-if' functionality that allows planners to make informed sourcing and repositioning decisions based on Transmetrics' next-generation AI-optimization tools. Furthermore, to expand the operational effectiveness of the transport optimization system, Transmetrics will be developing new tools to support dynamic inventory management and customer portfolio assessment. All of this will be facilitated by Transmetrics' proprietary predictive optimization algorithms and a unique data cleansing methodology that dramatically reduces the system integration time.
"With the generous support of the EU, Transmetrics will not only finalize the development of Phase 2 of its transport optimization solution, but will also be able to offer free-of-charge trial usage for beta users," said Dessislava Tsvetkova, Transmetrics Product Manager and Horizon 2020 Project Coordinator. "Over the next few months, we will be actively communicating with potential partners to select members of the beta user review board that will be the first testers of this next generation optimization product. We expect that by implementing Transmetrics, the beta users will reduce their transportation and warehousing costs."
The EIC Accelerator (previously known as the SME Instrument) is part of the European Innovation Council (EIC) pilot program that supports top-class innovators, entrepreneurs, and small companies with funding opportunities and acceleration services. Horizon 2020 is the biggest EU Research and Innovation programme with nearly €80 billion of funding available over 7 years (2014 to 2020), aimed at securing Europe's global competitiveness. More than 1,800 companies submitted applications for funding from the European Union in 2019. Transmetrics' project proposal was one of only 75 projects that were awarded grants.
Transmetrics offers predictive optimization Software-as-a-Service based on Artificial Intelligence for the cargo transport industry. By using technologies like machine learning, data mining, and predictive analytics, Transmetrics' products help cargo companies to continuously increase their operational efficiency and reduce costs. Product implementation consists of three steps: data cleansing, AI enrichment, and BI reporting; business optimization modeling; and predictive resource optimization. Transmetrics works with some of the leading cargo companies in the world, providing them with the tools for proactive and data-driven decision making.
The Transmetrics project has received funding from the European Union's Horizon 2020 research and innovation programme under grant agreement No 945610.