Vietnamese startup wins $1 million prize of Startup World Cup 2019
Abivin, a Vietnamese startup to provide AI-powered Supply Chain Optimization solutions for enterprises, on May 17 won a prize of $1 million after it was crowned champion the Startup World Cup 2019 in the US, said the Ministry of Science and Technology on May 18.
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Before, Abivin had won the first prize at the National Creative Innovation Contest held last year and became a mere representative of Vietnam to attend the Startup World Cup 2019 Champion, a global event where startups from around the world gather in San Francisco, to battle with startups from more than 40 countries including the US, Canada, Brazil, Japan, India, Singapore, the Republic of Korea and China.
Through four years of operation, the company has been known for its Abivin vRoute, a Transportation Management software which enables companies to reduce labor and energy cost by 40 percent.
Abivin is trained and matured by the Finland – Vietnam Innovation Partnership Program Phase 2 (IPP2) and joined series of other programs such as Shark Tank Vietnam, Techfest Vietnam. It also participated in international program comprising of Rice Bowl Startup Awards and the latest Startup World Cup 2019.
Founder of Abivin Pham Nam Long said that Abivin will use the $1 million prize to boost R&D for its AI-powered logistics optimization solutions. Additionally, the company will spend the sum on expanding its markets outside Hanoi and Ho Chi Minh City and entering the foreign markets of Myanmar, Singapore, Thailand, Indonesia and others.
The annual Startup World Cup is organised by Fenox Venture Capital with the participation of experienced investors in Silicon Valley-based global venture capital firms and in the globe.