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The Finnish company specializing in supply chain management solutions is to receive funding for product development from EU’s Horizon 2020 programme supporting European research and innovation projects.

Supply chain solution provider RELEX Solutions is to receive €1.4 million in funding from EU’s Horizon 2020 programme. The project, NexGenFSCM (The Next Generation Supply Chain Management Software in the European Food Industry), is focused on the development of RELEX’s software for the food retail sector.

RELEX’s revolutionary technology helps retailers, wholesalers, and manufacturers to automate ordering, cut spoilage, optimize inventory levels and increase on-shelf availability. Implementation projects are fast and customers recoup their investment from the SaaS-based system quickly.

“We are delighted that our project has received this funding,” says Tommi Ylinen, VP, Product at RELEX. “It’s clear recognition of the potential of our technology at an international level. The money will allow us to expand our product development significantly and consequently improve our software further.”

By using in-memory computing, RELEX’s supply chain management solution can process data up to 100 times faster than most of the best known SCM systems. This allows demand forecasts and operational analytics to be calculated in close to real time. This is why some of Europe’s largest retailers are using RELEX.

Food waste is an environmental and economic problem for individual companies and for society as a whole. RELEX’s customers have been able to cut spoilage significantly while simultaneously reducing their inventory levels and improving on-shelf availability.

Besides RELEX, four other Finnish companies received funding from the SME element of the Horizon 2020 programme in this round. RELEX’s project was selected from among 553 applications. The budget for the seven-year (2014-2020) programme is almost €80 billion. The programme is managed by the European Commission and is aimed at creating growth and jobs across Europe as well as making European firms more competitive globally.

Since being founded in 2005, RELEX has grown quickly and its solution is now used by customers in 17 countries in Europe, North America and Africa. In September 2015 an American private equity company, Summit Partners, invested €20 million in RELEX.