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Völur

Company Overview

Völur is an AI-based technology company founded in 2019 that aims to optimize the cutting and processing of sustainable meat. The company is headquartered in Oslo, Norway and was born out of initial discussions among the founders on opportunities for data-driven optimization solutions for the meat industry.

Völur’s mission is to be the world’s best data and AI company for the meat industry, leading to optimal use of all animals. Their vision is a world with optimal use of all resources in the meat industry, thereby creating a more sustainable industry. The company combines deep technical and industry knowledge to use data and AI to empower meat processors to make optimal decisions and improve animal utilization throughout the whole value chain.

Products Overview

Völur’s main product is an AI-powered solution for optimizing cutting and processing decisions in the meat industry. Key features include:

  • Daily Production Planning: Provides optimal sorting, cutting and processing plans to get the right cutting patterns and recipes enabling the optimal number of animals needed for a given demand.

  • Tactical Inventory Planning: Enables the right inventory levels to meet future demand for every product.

  • Sales & Operations Planning: Utilizes customer data and provides a tailored solution scaled to different production facilities.

  • What-if Simulation: Simulates decisions and calculates effects of different scenarios, from sales decisions to factory changes.

The solution aims to help meat processors increase margins, satisfy demand more efficiently, save time on production planning, and reduce carbon footprint through higher utilization of each carcass.

Founding Team

The key founding members include:

  • Robert Ekrem - Co-Founder and former CEO (recently transitioned out of CEO role)
  • David Moriano - CAIO and Co-Founder
  • Adrian Diaz - CTO and Co-Founder

Problem and Market Fit

Völur is addressing several key problems in the meat industry:

  1. Waste: 24% of total meat production is wasted.
  2. Emissions: The meat industry accounts for 14.5% of all CO2 emissions.
  3. Inefficiency: The industry currently relies on Excel sheets leading to unbalanced supply, overproduction and a push-driven industry with low margins and waste in the value chain.

By providing AI-powered optimization, Völur aims to enable meat processors to use about 10% fewer animals to satisfy the same market demand, potentially leading to a significant drop in carbon emissions.

Business Model

Völur operates a B2B software-as-a-service (SaaS) model, providing its AI solution to meat processing companies. The company works with meat producers to implement their technology, starting with proof-of-concept agreements before full implementation.

Funding and Runway

Völur has secured multiple rounds of funding:

  • Pre-seed funding in 2020 from Innovation Norway, Startup Lab, Simula Innovation, and Fortress Fund.
  • A seed round in 2022 from investors including Silicon Valley-based VCs Fusion Fund, Beat Ventures and Scribbles Ventures, and Norwegian Idékapital.
  • An additional funding round in 2024, though details were not specified.

The exact amount of funding and current runway are not disclosed in the provided information.

Competitive Landscape

While specific competitors are not mentioned, Völur positions itself as a leader in bringing AI and data-driven solutions to the meat industry, which has traditionally been slower to adopt new technologies compared to other sectors.

Customers

Notable customers and partnerships include:

  • JBS USA, one of the world’s largest meat producers, which decided to implement Völur’s solution after a successful proof-of-concept.
  • Cooperl, a leading French pork producer, partnering with Völur to maximize pork carcass sorting and cutting with AI technology.
  • Nortura, one of the largest Norwegian meat producers, with whom Völur secured a Proof of Concept.

Relevant News

  • April 4, 2024: Völur appointed Anna Turvoll as CEO, signaling a new phase of growth with new leadership and recently secured funding.

  • January 2024: Bryan Huber, Head of Sales at Völur, won a prestigious Modern Sales Leader award presented by HubSpot.

  • June 2023: Völur partnered with Microsoft as a global Independent Software Vendor (ISV) and joined the Azure Marketplace.

  • February 2023: JBS USA decided to implement Völur’s solution after a successful proof-of-concept agreement.

  • December 2022: The company secured a capital raise of 10 million (currency not specified) to bring artificial intelligence to the meat industry.

These developments showcase Völur’s growth trajectory, increasing industry recognition, and expansion of its customer base and partnerships in recent years.