**Vienna**: Lisa Smith and Harald Nitschinger, founders of Prewave, discuss their journey from schoolmates to successful entrepreneurs. Their innovative platform for supply chain risk analysis has expanded rapidly after significant investment, addressing a critical market need post-COVID-19 disruptions.
Lisa Smith and Harald Nitschinger, founders of the Austrian start-up Prewave, are experiencing a significant moment in their entrepreneurial journey, as their firm has expanded rapidly following substantial investment and an increasing demand for supply chain risk analysis. They reflected on their early years and the evolving responsibilities of a growing enterprise during a recent conversation with the STANDARD.
The inception of Prewave traces back to Smith and Nitschinger’s school days in Vienna, where their paths first intersected at HTL Spengergasse. This storytelling moment reveals the serendipity of their connection; born on the same day, their versatile educational backgrounds proved pivotal in shaping their professional partnership.
Prewave, established in 2018, focuses on utilising advanced technology to analyse supply chains and preempt potential threats. The company has gained significant traction, boasting a workforce that has tripled to around 230 employees within the past year. Their latest funding round secured nearly 63 million euros, marking it as the third-largest investment for an Austrian start-up in 2024.
“Our technology helps companies monitor supply chains by analysing thousands of datasets and generating AI-driven risk assessments,” Smith explained. The surge in demand for such solutions stems from supply chain disruptions experienced during the COVID-19 pandemic and stringent regulations like the Supply Chain Act. Prominent clients, including prestigious brands such as Audi, BMW, and Lufthansa, are increasingly recognising the value of the additional security offered by Prewave’s services.
The tragic Rana Plaza factory collapse in Bangladesh in April 2013 had a profound influence on Smith, serving as a turning point that inspired her research and ultimately catalysed the founding of Prewave. “It was obvious that the disaster could have been prevented if the right data had been available at the right time,” she remarked, highlighting her motivation to create a prevention-focused business model.
Smith and Nitschinger, along with several other former classmates, sought an alternative approach to evaluating supply chain risks. Rather than relying on traditional questionnaires, Prewave’s innovative platform processes real-time public data, including news reports and social media activity, to identify early warning signals of potential issues within supply chains.
Following the recent influx of investment, Smith acknowledged the heightened expectations from their stakeholders. “We have to ensure that the company meets them,” she said, underlining the responsibility that comes with such financial backing.
Despite common critiques regarding the challenges of operating within Austria’s start-up ecosystem, Smith remains optimistic. She cited her experience as a spin-off of TU Wien, which provided access to a strong funding landscape that facilitated Prewave’s growth. The current international makeup of the team, featuring employees from 41 different countries, further bolsters the company’s diversity, which Smith cites as an advantage in attracting talent to Vienna.
While Prewave is yet to achieve profitability, Smith clarified that the immediate focus on growth is essential. “We see a ‘window of opportunity’ in the supply chain market where many companies are in need of solutions,” she noted, emphasising the company’s strategy to maximise investment in growth during this crucial phase.
As Prewave charts its path forward, there remains an air of possibility concerning the future of their venture and the role they may play in reshaping supply chain management on a global scale. The bustling atmosphere may soon fill their modern open-plan offices, but for now, the emphasis remains on leveraging opportunities in a market poised for transformation.
Source: Noah Wire Services
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