Israel, April 9, 2020 – Israel’s Ministry of Defense has mobilized Prytek Holdings’ portfolio company Qlarium in the race to procure urgently-needed medical equipment and supplies in China to beat Covid-19.
The Israeli startup’s technology is assisting the Ministry of Defense by conducting due diligence on hundreds of Chinese companies, of which a certain percentage have been disqualified. By using Qlarium‘s technology, supply chain time to bring quality medical equipment from China has been significantly shortened and the likelihood has risen that the equipment ordered will quickly reach hospitals throughout Israel.
Qlarium, which is based in Tel Aviv has developed a system based on artificial intelligence (AI) technology, which automatically and effectively conducts powerful due diligence on worldwide suppliers and provides the customer – in this case the Ministry of Defense – an intelligence picture about the reliability of the suppliers, with an emphasis on the Chinese market. In this way, Qlarium allows the decision makers in the Ministry of Defense Procurement Department to decide with which suppliers to conclude agreements and who it is better to avoid.
Qlarium’s system examines a range of parameters such as shareholders, and other companies that are owned by them, previous and current lawsuits, company equity, licenses that have expired, changes in the company’s structure and the supplier’s export history. With the assistance of its AI system, information gathered from a range of different sources in the Chinese language and translated for the intelligence report about the supplier, the procurement team can clarify the reliability of the supplier, trade records, if the company is genuine or fake, and if it is worth investing the energy in conducting the procurement process with it.
Qlarium for Prytek
For Prytek Holding having Qlarium as a portfolio company is crucial as it enables compliance procedure to be fast, qualitative and reliable, thus perfectly suited for clients. Prytek established one of the leading fintech platforms in Europe providing solutions across global financial markets. Focusing on long-term relationships with clients Prytek creates vertically integrated ecosystems, in which holding’s service companies take a critical part of clients’ operations and technologies create a unique market offer.
Qlarium’s system routinely serves leading banks and insurance companies. The company’s customers include insurance giants Euler Hermes, Munich Re, and Hollard, which provide insurance policies to importers around the world, covering them against late or non-arrival of goods to their destinations. International banks use Qlarium’s technology in order to manage credit exposure to Chinese organizations and conduct ‘know the customer’ due diligence.