Digital freight startup Convoy has announced the suspension of its operations and the winding down of its core business.
The company, which was founded by former Amazon executives and which has attracted money from prominent tech investors, is now exploring alternatives that may include selling its technology.
Last year, Convoy raised $260 million in a funding round, valuing the business at $3.8 billion. However, the company has been adversely affected by the decline in freight demand over the past year. As a result, Convoy has decided to suspend operations, according to a report Wednesday (Oct. 18) in The Wall Street Journal (WSJ).
In an email sent to its employees, Convoy stated that it would no longer accept shipments until further notice. Existing loads are being rescheduled or canceled. The company is now considering various options, including selling off teams, software or intellectual property.
Convoy has been a major player in the digital freight industry, providing a platform that matches loads to available trucks. Its roster of customers included companies like Home Depot, Procter & Gamble, Unilever and Anheuser-Busch. The company’s success has been bolstered by early investments from figures such as Bill Gates, Jeff Bezos, Al Gore, and even U2 lead singer Bono and guitarist The Edge, WSJ said.
Digital freight startups like Convoy have emerged over the past decade with the goal of revolutionizing the freight marketplace and enhancing efficiency. These companies have gained traction in shipping markets, particularly during disruptions caused by the pandemic, WSJ said. However, the industry as a whole has faced challenges due to declining shipping demand and plummeting freight rates.
Flexport, a digital freight startup focused on the international market, has been striving to return to profitability as falling freight rates have impacted its financials.
As PYMNTS reported recently, the startup has seen a string of departures in its leadership roster. In September, Chief Financial Officer Kenny Wagers and Jennifer Boden, vice president of people tech and employee experience, both stepped down from their posts.
Earlier in September, CEO Dave Clark resigned after a year of leading the company and was replaced by his predecessor Ryan Petersen, who also founded the company.
Peterson has set his sights on profitability by late 2024 or early 2025, with a potential IPO in the works.
As the calendar flips to March, college basketball fans are gearing up for another exhilarating NCAA tournament.
In the future, artificial intelligence and cutting-edge technology could change March Madness as we know it. Let’s break down how the digital revolution could transform the Big Dance.
AI is already being used to predict brackets. Gone are the days of agonizing over your picks based on team mascots or your alma mater’s colors. In 2025, AI-powered bracketology is the name of the game. Fans can use algorithms that crunch data points, from player statistics to historical upset probabilities, all at the click of a button.
But beware, bracket enthusiasts. While these AI tools promise to boost your chances of winning the office pool, they can’t account for the quintessential March Madness chaos. You know, the instance where AI can predict everything except the inevitable Cinderella story that ruins everyone’s bracket by the second round.
In a move that would be sure to ruffle some feathers, AI-generated commentary could be used for games. Digital play-by-play announcers would never need a bathroom break and potentially be able to recall obscure statistics from the 1957 tournament in an instant.
Can’t make it to the Final Four? Ten years from now, games might happen in a digital stadium, Forbes reported. With virtual reality (VR) technology, fans could experience the thrill of courtside seats from the comfort of their living rooms.
“AI-generated athletes, inspired by the procedural generation techniques of video game developers … could perform in virtual arenas, exhibiting strategies and plays conceived by advanced predictive algorithms,” Forbes reported.
Just be careful not to get too caught up in the moment with streaming. Wouldn’t want to have reports of fans attempting to rush the virtual court after buzzer-beaters have led to an uptick in living room injuries — especially when that flat screen falls over.
While human coaches still call the shots, AI assistants could one day be indispensable members of the coaching staff. In the next five years, these digital strategists could analyze opponent tendencies and more.
“Building on existing technologies … AI will provide coaches and players with intricate, multi-dimensional data patterns that dramatically enhance both offensive and defensive strategies,” Forbes reported. “These advanced algorithms will analyze vast datasets from numerous games to uncover hidden trends, strategic insights, and predictive cues about opponents’ potential moves.”
Say goodbye to controversial calls. Advanced computer vision systems could assist referees in making split-second decisions, from determining if a player’s toe was on the line for a three-pointer to detecting the slightest touch on a blocked shot.
The Hawk-Eye system is already used in tennis and cricket to help determine fouls, Viso.AI reported.
“This system uses a network of cameras to track the ball and then compares the trajectory of the ball to a virtual model of the playing surface,” the report said. “This system is accurate within a few millimeters, which is much more accurate than the human eye.”
As we dive into March Madness 2025, it’s clear that technology will change the way we experience the tournament. From AI-powered brackets to virtual reality arenas, the digital revolution is coming for basketball. But at its core, the magic of March Madness remains the thrill of competition, the joy of unexpected victories, and the heartbreak of last-second defeats.
So, whether you’re relying on an AI to pick your bracket this year, or screaming at a holographic referee in the future, remember to enjoy the ride. In the unpredictable world of college basketball, sometimes the best strategy is to embrace the madness — digital or otherwise.
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