ING announced that Stemly, a software as a service platform, is the first initiative to be spun out of ING Labs Singapore and will receive an investment of US$2.5 million.

Venture capital fund Elev8, ING Ventures and EDB New Ventures, the corporate venture building arm of EDB, along with other investors, will invest into the venture.

Stemly will be an independent entity and continue to work closely with ING benefiting from its global network and financial services expertise.

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.

Stemly started within ING Labs Singapore with Giuseppe Manai and Sanjay Saini as founding venture builders, both based in Singapore.

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

Sanjay Saini

Sanjay Saini, Co-Founder and Co-CEO said,

“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.”

Olivier Guillaumond

Olivier Guillaumond, Global Head of Innovation Labs and Fintechs at ING said,

“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.

Our aim is to always help our customers be a step ahead, and our efforts in Stemly are testament to that.”

Featured image credit: edited from ING

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Source: https://fintechnews.sg/51622/fintech/saas-platform-stemly-first-to-spin-out-from-ing-labs-singapore-with-us2-5-million/