Vietnamese logistics startup, Abivin, took home the grand prize of US$1 million in funding at the Startup World Cup 2019, a series of global pitch contests organized by Pegasus Tech Ventures.
Before this, the startup had won the first prize at Vietnam's National Creative Innovation Contest, representing its country in this competition, pitting against other startups from 40 countries.
Founded in 2015, the startup leverages on artificial intelligence to drive its logistics optimization platform, enabling route optimization and vehicle capacity maximization for its clients, saving up to 40 percent of costs. It also digitizes and automates operations to help improve efficiency.
Other finalists in the competition include Norway's Tag Sensors, Mauritius' Aeracess, Japan's Jeplan, Canada's Kue, Australia's Startsat60, Finland's Finnos, South Korea's Noul, Brazil's Biosolvit, and Sweden's Mimbly.
Aside from the funding, participating startups also received additional assistance through strategic partnerships.
Founded in 2016, Startup World Cup is a global startup competition that shortlists champions in various countries and invites them to compete against each other at the finale in the US. It was started by a Silicon Valley-based investor, Fenox Venture Capital, a firm that invests in startups around the world with an Southeast Asian focus.
