IST Cube has contributed to a seed round for Prewave, an artificial intelligence spinout from TU Wien that will use the money to boost sales and marketing activities.

Prewave, an Austria-based artificial intelligence (AI) spinout from TU Wien, closed a seed round of undisclosed size today led by IST Cube, an investment fund backed by Institute of Science and Technology Austria. Pioneer Ventures also contributed to the seed round. Founded in 2017, Prewave is working on AI technology that generates risk assessments based on social media and news data. The spinout has developed a working prototype aimed at supply chain management. The technology is also expected to have applications in sustainability and insurance markets. The spinout is based on research by Lisa Madlberger, who co-founded the company with Harald Nitschinger. It was incubated at TU Wien’s I²ncubator and is supported by and is supported by Austria Wirtschaftsservice and Vienna Business Agency. Prewave will use the funding to boost its sales and marketing efforts as well as to further develop its technology. Rupesh Chatwani, managing director of IST Cube, said: “Prewave is exactly the type of startup we are looking for: a seed stage company with an impressive technology background, driven by an ambitious team, with a solid global market outlook. “While many startups add AI to their pitches because it is fashionable, Prewave builds a truly leveraging technology to have a global impact.”

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