Freight software provider Expedock has raised $13.5 million in Series A funding that it will use to expand its team and help supply chain businesses better understand and operationalize their data.
The freight forwarding industry has long been behind others in the use of technology, but today’s supply chain bottlenecks and the move to remote work have increased the need automate the handling of paperwork that is now done manually, Expedock said in a Wednesday (Aug. 10) press release.
“Expedock is reinventing how supply chain businesses are able to harness their own data,” Expedock CEO King Alandy Dy said in the release. “Given our 600% growth this past year, we are going to do even better by bringing on engineers to expand our use-cases and our account executives to support more customers.”
With the Expedock software, artificial intelligence (AI) transforms paper documents such as invoices and statements of accounts into data, classifies them and brings them into customers’ existing freight forwarding tools, according to the release.
Insight Partners led the Series A, which also had participation from VMG Catalyst, existing investors Pear and Neo, and executives from Project 44, Salesforce, Meta, eBay and Clearmetal, the release stated.
“With their innovative use of AI to automate the time-consuming documentation process, Expedock is modernizing freight forwarding and reducing inefficiencies to keep goods moving,” said Insight Partners Senior Associate Connor Guess in the release.
In another recent deployment of technology to reduce manual work for supply chain professionals, Vector.ai announced Thursday (Aug. 4) the introduction of payment integrations to its productivity platform for freight forwarders.
Read more: Vector.ai Adds AI Finance Tool to Platform for Freight Forwarders
“Our payment network eliminates time spent on data entries and speeds up the time to payment, facilitating quicker release of goods and reducing the risk of taking on unnecessary fines,” Vector.ai Co-Founder and CEO James Coombes said at the time.
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