LOGISTICS tech start-up, portcast has announced the completion of its US$3.2 million pre-series A financing led by Newtown Partners with Wavemaker Partners, TMV and Innoport and SGInnovate to make artificial intelligence profitable in logistics.
The money will go towards international expansion, doubling the team size and product enhancement, in particular, moving from predictive Artificial Intelligence (AI) to prescriptive AI and launching new product features such as order-level visibility and scenario planning, said the press release.
'The Singapore-based company enables freight forwarders and manufacturers across the world to achieve real-time visibility, reduce operational costs and improve customer experience, thereby improving profit margins,' it said.
It does this by accurately predicting the estimated time of arrivals of more than 90 per cent of ships globally and forecasting demand for over 30,000 trade routes (both air and sea) daily through an intuitive SaaS platform and APIs.
Said Portcast CEO Nidhi Gupta: 'Global supply chains are under extreme pressure with record delays, unprecedented congestion at ports and constrained capacities. This has led to ridiculously high costs being transferred to consumers.
'We believe that with predictive visibility companies will have a significantly higher preparedness. We have already seen the impact of this with reductions in overall port fees by 20 per cent and manual work by 80 per cent for our customers,' said Ms Gupta.
'The cloud-based technology has the ability to map out the cascading effects of disruptions such as Typhoon In-fa and the Suez Canal congestion, allowing forwarders and shippers to respond and react more effectively in such scenarios,' she said.
SeaNews Turkey
The money will go towards international expansion, doubling the team size and product enhancement, in particular, moving from predictive Artificial Intelligence (AI) to prescriptive AI and launching new product features such as order-level visibility and scenario planning, said the press release.
'The Singapore-based company enables freight forwarders and manufacturers across the world to achieve real-time visibility, reduce operational costs and improve customer experience, thereby improving profit margins,' it said.
It does this by accurately predicting the estimated time of arrivals of more than 90 per cent of ships globally and forecasting demand for over 30,000 trade routes (both air and sea) daily through an intuitive SaaS platform and APIs.
Said Portcast CEO Nidhi Gupta: 'Global supply chains are under extreme pressure with record delays, unprecedented congestion at ports and constrained capacities. This has led to ridiculously high costs being transferred to consumers.
'We believe that with predictive visibility companies will have a significantly higher preparedness. We have already seen the impact of this with reductions in overall port fees by 20 per cent and manual work by 80 per cent for our customers,' said Ms Gupta.
'The cloud-based technology has the ability to map out the cascading effects of disruptions such as Typhoon In-fa and the Suez Canal congestion, allowing forwarders and shippers to respond and react more effectively in such scenarios,' she said.
SeaNews Turkey