Expedock, a supplier of freight software, has secured $13.5 million in Series A investment. The company plans to utilize the money to grow its staff and assist supply chain organizations in better understanding and operationalizing their data.
Expedock stated in a press release that although the freight forwarding sector has historically lagged behind other sectors in adopting technology, 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.
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.
According to a press statement, Insight Partners led Series A, which also included leaders from Project 44, Salesforce, Meta, eBay, and Clearmetal as well as veteran investors Pear and Neo.
“Expedock is modernizing freight forwarding and eliminating inefficiencies to keep products moving,” said Insight Partners Senior Associate Connor Guess in the announcement. “They achieve this by innovatively using AI to automate the time-consuming paperwork process.”
