German marketplace Vanilla Steel receives funding from EU

Vanilla Steel has been awarded with a seven-figure subsidy from the Pro FIT programme of the Investitionsbank Berlin for an AI project, Kallanish learns from the online trading company.

The subsidy is supported by co-financing from the European Union, and aimed at the development of the company’s “Smart Forecaster” project.

‍According to Vanilla Steel, the Smart Forecaster project leverages artificial intelligence to predict future prices and demand for both prime and excess steel. The tool is set to revolutionise decision-making processes within the steel industry by offering precise demand forecasts and pricing trends for a wide array of steel types, Vanilla Steel claims.

Vanilla Steel, which was founded in 2021 but still refers to itself as a start-up, aggregates spot steel supply from over 500 suppliers and spot steel demand from more than 3,000 buyers across Europe. The Berlin-based company says its platform facilitates efficient and transparent trading, and believes that the Smart Forecaster project will be a significant leap towards streamlining and modernising the steel trading process.

Christian Koehl Germany

kallanish.com