UK-based Kavida AI announced recently its plans to invest US$ 500,000 in Sri Lanka, to support the local apparel sector via forums and leverage its capabilities in artificial intelligence (AI).
The investment will be rolled out over the next 18 months to support the Sri Lankan apparel resilience, Kavida Co-Founder and CEO Anam Rahman said.
“Last year, we built strong working relationships with 31 apparel manufacturers and have spoken to over 500 merchandisers in the country. It was clear the new operating environment requires new solutions,” said Rahman during the ‘De-Risking Sri Lanka’ forum that was launched last week.
The event was the first public initiative by Kavida in Sri Lanka. Kavida has been investigating the resilience problem in Sri Lanka for over two years and has raised over US$ 1 million in funding from investors such as Qima, a global leader in supply chain quality assurance.
The entity will be allocating a large part of that capital to Sri Lanka.
Kavida is a supply chain resiliency startup that provides enterprises with decision intelligence tools to prevent and mitigate supply chain disruptions in a range of sectors including apparel, FMCG, food, retail, and pharma.