Loadsmart, which is a New York-based digital freight broker, today in a report they have announced thet they have raised an amount of $21.6m in series A funding. The round, which brought total funding to date to $34.7m, and was led by Maersk Growth, Connor Capital SB and Chromo Invest.
The company as of now has a plans to use the funds to scale its operations team while doubling down on product and engineering.
The startup which is Co-founded Ricardo Salgado and Felipe Capella, Loadsmart leverages artificial intelligence to automate the truckload booking flow in the United States. It provides instant prices to shippers with capacity guaranteed on all U.S. lanes. Through its innovative automated platform, shippers can book a truck manually or integrate with the help of an API to have a server-to-server booking with no human intervention.
“Our strategy has been to focus exclusively on product development and technology,” Salgado said. “This round of investment will enable us to increase the business exponentially while maintaining high-service levels. It will also enable us to scale without losing the edge on innovation and technology.”
Loadsmart uses the principles of artificial intelligence (AI) and hundreds of data sources to automate truckload booking. Its algorithms attempt to keep carriers within its network full and minimize so-called empty miles — trips during which they aren’t carrying anything — by matching loads with roughly 900,000 available transport lanes. Some of the freight shippers on the platform can request instant quotes that factor in the estimated time of loading, the commodity involved, and the overall load, after which they are offered the choice of booking trucks directly or with the help of a Loadsmart’s APIs.
The company as of now has also signed a strategic partnership with funds managed by Oaktree Capital Management, L.P., with a broad goal of collaborating in ways that are mutually beneficial to both organizations.
“We are at our core a data company,” Capella said. “With the highest ratio of engineers in the industry, we were the first to introduce truckload instant pricing and booking, and the market’s first server-to-server autonomous truckload booking via our API. This tech-first approach has allowed us to set in place a fully scalable and automated distribution model.”
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