Flymingo, an Israeli supply chain analytics startup, has acquired new funding from Amazon. According to a report in Globes, the company received several million dollars from Amazon’s Industrial Innovation Fund (AIIF) for its computer vision technology, which can manage inventory in logistics centers in real time.
Founded in 2021 by CEO Roy Gherman, CCO Shahar Korin, and CTO Itzik Mizrahi, Flymingo says that it is tackling the supply chain industry’s demand for inventory visibility through its cutting-edge computer vision technology. The company boasts near real-time tracking and analysis that it says ensures exceptional inventory control and prevention of supply chain mistakes. Flymingo says that it’s SaaS BI system utilizes the logistics facility’s existing cameras infrastructure and collects data from various sources, it delivers valuable insights and serves as a single source of truth.
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And the supply chain in any industry is possibly the most vulnerable to disruptions. This is because it is an area that firms do not control themselves. Factories rely on it working properly to bring them the needed raw materials in a timely manner. And companies then rely on it for their suppliers to be able to deliver their finished goods to the various market places on time and undamaged.
This is why companies like Amazon have invested in their own delivery systems that they own and operate.
Amazon established its Industrial Innovation Fund in April 2022 with $1 billion in funding to “to spur and support innovation in customer fulfillment, logistics, and the supply chain.”
The Amazon Industrial Innovation Fund invests in companies that imagine solutions that incrementally increase delivery speed and further improve the experience of employees working in the warehousing and logistics fields.
Another Israeli startup that gets funding from Amazon’s AIIF is BionicHIVE, which has also received funding from Elon Musk. Founded in 2016 by Liran Raizer, Ilan Reingold, Itamar Levy, Tomer Amit, and Olivier Haddad, BionicHIVE is developing an automatic warehouse solution based on a fleet of synchronized autonomous robots that can be retrofitted onto existing warehouse infrastructure. Its solution consists of multiple multi-directional autonomous robots that have 3-dimensional movement capabilities and extend the picking face from floor to ceiling.