An American accelerator with major successes under its belt – think Dropbox, PayPal and SoundHound – has added Bulgarian logistics startup Transmetrics to its roster.
Silicon Valley venture accelerator Plug and Play is set to welcome the European startup into its logistics and supply chain accelerator program, a move which the advanced logistics forecasting company hopes will further its global reach.
Transmetrics, which brings an AI predictive optimization solution to the cargo transport industry, has already seen major success since its launch in 2013. The Sofia-based company counts three Fortune 500 companies as customers and boasts some experience up to a 9 per cent reduction in total costs thanks to their supply chain optimization methods.
Transmetrics senior product owner Dimitar Pavlov, who will lead the company’s participation in the accelerator program, said the selection was an exciting opportunity.
“Being one of the largest and most renowned accelerators for logistics and supply chain companies, Plug and Play gives us access to a myriad of clients, investors and industry experts. Additionally, by having an international reach, the program can facilitate the natural expansion of Transmetrics across the globe,” he said.
Entry into Plug and Play’s accelerator programs is a prestigious achievement for startups, with the acceptance rate for this year’s programs just 2 per cent. Acceptance into the program is a good omen for Transmetrics as many previous participants have gone on to become households names, including Danger, Dropbox, Lending Club, PayPal, SoundHound, and Zoosk.
The accelerator actively invests in many of the companies which participate in the annual in the program, as well as helping to unlock investment from other sources, which totals more than $7 billion.
Transmetrics, along with 21 other global logistics startups, will join the program and gain access to the American company’s extensive accelerator resources, including mentoring sessions, networking events and business development matchmaking with industry leaders such as JD.com, Swiss Post, CMA CGM, BNSF Railway and Ryder.
“I would like to thank the organizers of Plug and Play for giving us the opportunity to make giant steps in our development and congratulate the fellow logistics and supply chain startups for being selected to join the program,” Pavlov said.
Disclosure: This article includes a client of an Espacio portfolio company.