Wavemaker Impact, a Singapore-based Climate Tech Venture Builder, has launched Nūl GlobalTechnologies Pte. Ltd. (Nūl), an artificial intelligence (AI) driven climate technology startup, with a seed investment of $500,000.
Wavemaker Impact said in a statement Wednesday that pre-seed funding will allow Nul to strengthen pilot projects in Southeast Asia, expand partnerships and commercialize solutions on a global scale.
Co-founded by Singapore’s Malini Kannan and Raghav MS, Nul aims to help fashion brands and apparel companies reduce overproduction and improve inventory management through advanced AI technology.
The company allows fashion companies to more accurately predict demand, effectively plan production, and optimize inventory allocation across channels.
By integrating Agent AI with your brand’s existing operations, you can transform your data into actionable insights that help you minimize waste while maximizing your brand’s goals.
It is important to note that the fashion industry, which accounts for 6% to 10% of the world’s carbon emissions, faces important challenges.
The process involved in creating a single item in apparel can emit up to 6 kg of carbon dioxide (CO2), with about 30% of fashion products being unsold and discarding markdown, recycling or disposal.
This loss could account for 7-10% of the brand’s revenue.
At the same time, brands often struggle with bestseller stockouts and miss out on potential revenue.
Nūl’s technology aims to balance these two challenges, reducing waste while maximizing profitability.
“Overproduction is harmful to both business and the environment,” said Malini Kannan, co-founder and CEO of Nul.
“Traditionally, overproduction has been viewed as an inevitable by-product of legacy systems and long supply chains.
“But we believe that next-generation technology like ours will help fashion brands fill these gaps significantly,” he added.
Despite the global fashion market size worth $2 trillion, there is little customized solutions in inventory management, which provides the depth of intelligence needed to manage inventory across size, style, color and location.
Nūl will address this gap by co-developing joint development solutions with medium-sized fashion brands and maintaining operational challenges at the forefront of their approach.
Raghav MS, co-founder and chief technology officer of Noul, said:
“We don’t just provide insights, our platform allows brands to seamlessly apply to everyday operations.
“Nour works alongside the merchandising, planning and assignment teams, continuing to learn and support decision-making,” he added.
Both Malini and Raghav have extensive experience in building technology companies serving global markets.
Serialtech entrepreneur Raghav led two successful exits and served as Chief Technology Officer of the Fashion Technology Platform that supports agile manufacturing in Southeast Asia.
Malini is a leadership role in global fintech companies, spanning startups to venture capital support scale-ups.
Note that Nūl currently pilots solutions across several apparel brands in Southeast Asia.
One of the key challenges addressed during these trials was rebalancing end-of-season inventory across stores and channels.
Nūl’s platform allows brands to efficiently redistribute their inventory and move them to locations where they are likely to sell their inventory quickly, resulting in 10% revenue uplift in these trials.
“The average apparel production lead time is 2.5 times the lifespan of the trend, citing overproduction, significant revenue loss and environmental impact.
“NUL’s data-driven approach demonstrates strong potential to help medium-sized brands improve demand planning and inventory allocations and increase the likelihood of avoiding overproduction-related emissions of 7,500 TCO2E each year for each brand by increasing by up to 50%.
“We are confident that we will combine our expertise and technical experience from Malini, Ragu and cross-sectors to unlock this opportunity,” she added.
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