Bulgarian Tech Startup Transmetrics Receives $1.78 Million EU Grant

Bulgarian software company Transmetrics said on Tuesday it has won a 3.25 million levs grant from the European Innovation Council (EIC) Accelerator, which it will use to finance the development of artificial intelligence-based solutions for logistics companies.

The project will enable Transmetrics to meet the needs of small and medium-sized logistics companies, which constitute a new market segment for the company, Transmetrics said in a statement.

“The financing will allow us to speed up the development of our software,” Asparuh Koev, founder and CEO of Transmetrics, said.

With the transport industries’ slim margins, it is crucial for companies in the sector to optimize their resource planning and lower their operating expenses, Koev noted.

Transmetrics is the second Bulgarian company to receive a grant under the EIC Accelerator, after EnduroSat in 2017, the company said.

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