At the end of November, Scania announced that it had started a new equity fund, Scania Growth Capital II, which would be managed with East Hill Equity. The fund has a total of SEK 2 billion.
It didn’t take long to announce the fund’s first investment. The trustees announced today that the fund has invested $50 million in logtech SiB Solutions.
SiB Solutions, founded in 2017 in Lund, works with artificial intelligence and analyzes video related to logistics management. The goal is to completely eliminate all errors that can occur in the logistics chain, and the company’s AI platform will simply track all packages and make sure that nothing goes wrong or lost.
For example, the system must warn the warehouse worker if an error is about to be made. For example, if a package is misplaced or the like. Among the reference clients mentioned are PostNord and Noaste.
Despite the current global financial situation, we have demonstrated continued success by establishing our operations in the United States, the United Kingdom and the Netherlands. This investment allows us to accelerate our global expansion and continue to transform the world of logistics with state-of-the-art technology,” says Stefan Borg, CEO of SiB Solutions.
Scania Growth Capital will now be SiB Solutions’ largest shareholder, so the goal is to go global.
We reached out to the founding team at SiB Solutions about a year ago and it immediately caught our eye, which led to this investment. We are excited to join our shareholder base and be a part of the exciting growth journey ahead with a strong SiB team, says Daniel Riazzoli, partner at East Hill Equity.
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