AI to automate booking flow for shippers
Loadsmart, a digital freight broker, has announced it has raised US$21.6 million in series A funding led by Maersk, Connor Capital SB and Chromo Invest.
Loadsmart leverages artificial intelligence (AI) to automate the truckload booking flow in the United States.
It provides instant prices to shippers with capacity guaranteed on all US lanes.
Through its automated platform, shippers can book a truck in seconds manually or integrate via an API to have a server-to-server booking with no human intervention.
Shippers have been able to reduce their spot exposure by 50% after integrating with Loadsmart, while reducing procurement execution time up to 90%.
Carriers keep their trucks full and reduce empty miles as Loadsmart's machine learning algorithms match loads with their available trucks.
Maersk is joining Loadsmart as one of its leading investors.
Maersk is doing so through Maersk Growth, the launchpad for new ventures at A.P. Moller - Maersk, the world's largest container shipping company.
A.P. Moller - Maersk serves 343 ports in 121 countries with 18.3% market share in container capacity worldwide.
"We see huge potential with Loadsmart. Forward integrations between ocean shipping and over-the-road services can create incredible synergies and eventually provide a full service to shippers," said Sune Stilling, head of Maersk Growth.
Ricardo Salgado, co-founder and CEO, Loadsmart, said: "Our strategy has been to focus exclusively on product development and technology.
“Now we are ready to grow. 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."
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