Vanilla Steel receives 7-figure funding from the EU for AI project
Berlin, July 2024 – Vanilla Steel, a startup in the European steel market, is proud to announce the successful acquisition of a 7-figure subsidy from the Pro FIT program of the Investitionsbank Berlin. This milestone, supported by co-financing from the European Union, is aimed at the development of the innovative Smart Forecaster project.
The Smart Forecaster project leverages cutting-edge artificial intelligence to accurately predict future prices and demand for both prime and excess steel. This innovative tool is set to revolutionize decision-making processes within the steel industry by offering precise demand forecasts and pricing trends for a wide array of steel types.
"Even in the traditional steel industry, innovation is possible. At Vanilla Steel, we are committed to pushing the boundaries of technology to bring advanced solutions to the market," said Simon Zühlke, MD at Vanilla Steel. "We are immensely grateful for the financial support from the EU, which enables us to embark on this transformative journey."
Vanilla Steel aggregates spot steel supply from over 500 suppliers and spot steel demand from more than 3,000 buyers across Europe, facilitating efficient and transparent trading. The Smart Forecaster project represents a significant leap forward in its mission to streamline and modernize the steel trading process.
For more information, please contact:
Simon Zühlke
Co-Founder & MD
Vanilla Steel
simon.zuehlke@vanillasteel.com
About Vanilla Steel
The multi-billion-euro metal trading industry is operated on Excel, PDF and Email. Vanilla Steel is on a mission to transform buying and selling in one of the oldest industries of the modern world with seamless and intuitive digital solutions. Our technologies increase liquidity, accelerate transactions, reduce scrapping rates and enhance buying convenience for hundreds of steel and metal distributors across Europe. For more information, visit www.vanillasteel.com.
