ING today announced that Stemly, a software as a service platform, is the first initiative to be spun out of ING Labs Singapore. To enable accelerated growth and to pave the way for an independent future for Stemly, venture capital fund Elev8, ING Ventures and EDB New Ventures, the corporate venture building arm of EDB, along with other investors, will invest US$2.5 million into the venture.
One of the first initiatives to be incubated in ING Labs Singapore in 2018, Stemly was created to address the gap in decision intelligence that exists in supply chain operations and finance. For instance, in demand planning for manufacturing and retail, it may take three weeks or more to respond to market changes in consumer behavior which results in overstocking and loss of sales.
With an industry average forecasting error of more than 27%1, companies face massive impact on working capital needs. In fact, McKinsey found that at least one company in 20 has suffered a supplychain disruption costing at least US$100 million due to global disruptions every year in the past several years.2
Powered by autonomous machine learning technology, Stemly can greatly enhance the decisionmaking capabilities of enterprises by demystifying data science and delivering impactful business outcomes. Its platform automates forecasting and optimisation of a company’s supply chain and finance processes.
Stemly started within ING Labs Singapore with Giuseppe Manai and Sanjay Saini as founding venture builders, both based in Singapore. Stemly currently comprises a team of 20 spread across Singapore, India, Indonesia, Ireland and Australia. Giuseppe has more than 20 years of experience in the data science field while Sanjay has accumulated more than 25 years of global corporate experience in managing, consulting for and developing software for supply chains.
Co-founder & co-CEO Sanjay Saini said: “Businesses are challenged by the uncertainty in supply chains, where demand and supply fluctuations have been amplified by the pandemic of late. Stemly empowers managers to make better and faster decisions in demand forecasting, inventory optimisation and cash flow management, ultimately reducing their operating cost and improving their operational efficiency.”
