Freight software provider Expedock has received $13.5 million in Series A funding. The business intends to use the funding to hire more employees and help supply chain firms better comprehend and operationalize their data.
The freight forwarding industry has historically lagged behind other industries in adopting technology, but current supply chain bottlenecks and the shift to remote work have increased the need to automate the handling of paperwork that is currently handled manually, according to Expedock in a press release.
Expedock CEO King Alandy Dy stated in the announcement that the company is “reinventing how supply chain organizations are able to utilize their own data.” Given our growth of 600% over the previous year, we want to achieve even greater success by adding engineers to broaden our use-cases and account executives to service new clients.
According to the announcement, artificial intelligence (AI) uses the Expedock software to convert paper documents like invoices and account statements into data, classify them, and integrate them into clients’ current freight forwarding systems.
Insight Partners, leaders from Project 44, Salesforce, Meta, eBay, and Clearmetal, as well as seasoned investors Pear and Neo, led Series A, according to a news release.
According to the release from Insight Partners Senior Associate Connor Guess, “Expedock is modernizing freight forwarding and cutting inefficiencies to keep things flowing.” They accomplish this by creatively automating the laborious paperwork process using AI.
