SaaS startup incubated by ING Labs Singapore bags $2.5m from Elev8, others

ING Groep NV, the largest bank in the Netherlands, has announced that its startup incubator ING Labs Singapore has spun out software-as-a-service platform Stemly.

VC fund Elev8, ING Ventures, and EDB New Ventures have also joined other investors in pouring US$2.5 million into Stemly. Following the spinoff, Stemly will be an independent entity and will work with ING’s global network.

Photo credit: ING Group

Incubated at ING Labs Singapore in 2018, Stemly was created to address the gap in decision intelligence that exists in supply chain operations and finance. It helps companies with decision-making by decoding data science, automating forecasting, and optimizing a company’s supply chain and finance processes.

“Businesses are challenged by the uncertainty in supply chains, where demand and supply fluctuations have been amplified by the pandemic of late,” said Stemly co-founder Sanjay Saini. “Stemly empowers managers to make better and faster decisions in demand forecasting, inventory optimization, and cash flow management, ultimately reducing their operating cost and improving their operational efficiency.”

Stemly claims it helps businesses save up to 10% to 40% of their inventory and working capital costs and says it has signed deals with several multinational corporations as clients.

“Global supply chains are undergoing a fundamental shift in capacity and in complexity. Stemly’s autonomous machine learning platform for demand and cash flow forecasting has the potential to meaningfully improve operating efficiencies in enterprises of all sizes,” said Elev8’s founder and managing director, Aditya Mathur.