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.

Powered by autonomous machine learning technology, Stemly's platform automates forecasting and optimisation of a company’s supply chain and finance processes.

The startup currently comprises a team of 20 spread across Singapore, India, Indonesia, Ireland and Australia.

Co-founder Sanjay Saini says: “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.”

He says the firm is currently helping businesses save 10% to 40% of their cost of inventory and working capital - the equivalent of tens of millions of dollars in some cases - by embedding automatic machine learning in their forecasting and optimisation applications.

Olivier Guillaumond, global head of Innovation Labs and Fintechs at ING says: “Stemly’s growth from ING Labs Singapore has been another success story of innovation at ING. Insight into demand forecasting, supply chain optimisation, and cash flow forecasting is helping to build resilience in the businesses of our customers.”