Since its inception in 2017, when it was generally known as Vector.ai, Raft has undergone important growth. The corporate has expanded its efforts past the realm of machine studying, which it had beforehand used to automate freight forwarding and customs brokerage, and into the realm of synthetic intelligence. Raft’s dedication to staying on the slicing fringe of expertise and offering its prospects with revolutionary options is mirrored on this shift.
Buyers have been impressed by Raft’s historical past of success and its dedication to innovation. Raft just lately raised $30 million in Sequence B funding with management from Eight Roads VC. This sizeable funding exhibits how a lot religion traders have in Raft to revolutionize the logistics sector with AI-powered options. Moguntia Capital wasn’t the one investor concerned within the spherical; current backers Bessemer Enterprise Companions, Episode 1, and Dynamo Ventures additionally chipped in.
Raft’s major aim is to assist logistics corporations use AI to enhance effectivity and customer support. Raft’s shoppers are capable of improve productiveness, enhance decision-making, and supply superior service to their prospects because of the platform’s use of automated processes and cutting-edge algorithms. Let’s check out a few of Raft’s most necessary options.
Raft foresaw early on that accounts payable reconciliation can be an issue within the logistics sector. This methodology has traditionally been labor-intensive and vulnerable to errors. Nevertheless, the AI-driven resolution supplied by Raft automates and streamlines this very important course of, saving effort and time for freight forwarders and customs brokers. Raft’s good accounts payable reconciliation helps companies keep exact and efficient monetary processes.
Raft’s AI can also be helpful for facilitating the customs entry course of. Logistics specialists usually face challenges when making an attempt to adjust to customs necessities and associated paperwork. By automating essential steps, lowering human error, and guaranteeing compliance, Raft’s resolution streamlines the method. Raft’s shoppers are capable of commit extra time and vitality to what issues most to their companies as a result of the corporate has simplified the method of getting ready customs entries with out sacrificing accuracy or effectivity.
Warehouses play an necessary position within the logistics ecosystem, and bettering how they operate can have far-reaching results on logistics efficiency as a complete. Raft understands this want and offers an AI-based automated storage resolution. Raft helps corporations within the logistics business enhance stock administration, minimize prices, and pace up order processing by using cutting-edge algorithms and real-time information evaluation. By offering entry to correct information, the automated warehousing resolution helps companies enhance warehouse effectivity.
The logistics course of depends closely on confirmed reservations, which facilitate environment friendly communication between all events concerned. The Raft AI-powered resolution automates the affirmation of reservations, disposing of human error and saving time. Logistics corporations can higher serve their shoppers and resolve any points shortly when they’re stored abreast of reserving standing adjustments and notifications in actual time.
Raft offers each back-end companies and a cargo portal for finish customers. With this portal, Raft’s prospects can simply publish each proprietary and exterior information for consumption by their finish customers. Transparency is elevated, and cooperation between logistics suppliers and their shoppers is simplified, with options like multi-source container visibility, emissions reporting, and quote-to-book capabilities. Raft’s dedication to offering worth to its direct shoppers and the end-customers within the provide chain is bolstered by the customer-facing cargo portal.
The logistics business’s most influential corporations have taken discover of Raft due to its novel approaches. The likes of EMO Trans, OIA World, The Scarbrough Group, NNR World Logistics, and Navia Freight are among the many agency’s notable clientele. Leaders within the business have put their religion in Raft, and these partnerships are proof that the corporate is ready to ship on its guarantees.
Raft has obtained reward for its dedication to innovation and its capability to offer prospects with instant advantages. Eight Roads VC Accomplice Michael Treskow praises Raft’s business data and cutting-edge AI capabilities, noting the agency’s potential to resolve extra issues within the logistics sector. Raft is poised to proceed its fast progress and affect the way forward for the freight logistics business due to its latest Sequence B funding and increasing shopper base.
First reported on TechCrunch
Continuously Requested Questions
Q: What’s Raft and what are its foremost focuses?
A: Raft, previously generally known as Vector.ai, is an organization devoted to revolutionizing the logistics sector by using AI-powered options. Raft offers revolutionary instruments and platforms that assist logistics corporations enhance effectivity, decision-making, and customer support.
Q: What latest funding did Raft safe, and who have been the traders?
A: Raft just lately raised $30 million in Sequence B funding, led by Eight Roads VC. Different traders concerned within the funding spherical embody Bessemer Enterprise Companions, Episode 1, Dynamo Ventures, and Moguntia Capital. This important funding displays traders’ confidence in Raft’s capability to drive innovation within the logistics business.
Q: What are a number of the key options of Raft’s AI-powered options?
A: Raft presents numerous options that assist logistics corporations improve their operations. These embody automated accounts payable reconciliation, streamlined customs entry processes, AI-based automated storage options for warehouses, automated reservation affirmation, and customer-facing cargo portals that improve transparency and collaboration.
Q: How does Raft’s resolution enhance accounts payable reconciliation in logistics?
A: Raft’s AI-driven resolution automates and streamlines the accounts payable reconciliation course of within the logistics sector, lowering guide labor and minimizing errors. This improves monetary processes and ensures higher accuracy and effectivity.
Q: What advantages does Raft present in customs entry processes?
A: Raft’s AI-powered resolution simplifies and automates essential steps in customs entry processes, guaranteeing compliance, lowering human error, and saving time. By streamlining the method, Raft allows logistics corporations to allocate extra assets to core enterprise actions whereas sustaining accuracy and effectivity.
Q: How does Raft enhance warehouse operations within the logistics business?
A: Raft presents an AI-based automated storage resolution that helps logistics corporations optimize stock administration, minimize prices, and speed up order processing. By leveraging cutting-edge algorithms and real-time information evaluation, Raft enhances warehouse effectivity and improves total logistics efficiency.
Q: What advantages does Raft’s automated reservation affirmation present?
A: Raft’s AI-powered resolution automates the affirmation of reservations, eliminating human errors and saving time. This ensures environment friendly communication between all events concerned within the logistics course of, permitting logistics corporations to serve their shoppers higher and resolve any points promptly.
Q: Who’re a few of Raft’s notable shoppers within the logistics business?
A: Raft has secured partnerships with influential corporations within the logistics sector, together with EMO Trans, OIA World, The Scarbrough Group, NNR World Logistics, and Navia Freight. These partnerships showcase Raft’s capability to ship instant advantages and remedy logistics challenges for business leaders.
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