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Since its inception in 2017, when it was referred to as Vector.ai, Raft has undergone vital improvement. 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 reducing fringe of expertise and offering its clients with modern 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 Collection B funding with management from Eight Roads VC. This sizeable funding exhibits how a lot religion buyers have in Raft to revolutionize the logistics sector with AI-powered options. Moguntia Capital wasn’t the one investor concerned within the spherical; present backers Bessemer Enterprise Companions, Episode 1, and Dynamo Ventures additionally chipped in.
Raft’s main objective is to assist logistics corporations use AI to enhance effectivity and customer support. Raft’s purchasers are capable of improve productiveness, enhance decision-making, and supply superior service to their clients because of the platform’s use of automated processes and cutting-edge algorithms. Let’s check out a few of Raft’s most essential 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 liable to errors. Nonetheless, the AI-driven resolution supplied by Raft automates and streamlines this important course of, saving effort and time for freight forwarders and customs brokers. Raft’s good accounts payable reconciliation helps companies preserve exact and efficient monetary processes.
Raft’s AI can be helpful for facilitating the customs entry course of. Logistics consultants typically 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 purchasers are capable of commit extra time and power 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 essential function within the logistics ecosystem, and bettering how they perform can have far-reaching results on logistics efficiency as an entire. Raft understands this want and gives an AI-based automated storage resolution. Raft helps corporations within the logistics trade enhance stock administration, reduce prices, and pace up order processing by using cutting-edge algorithms and real-time knowledge evaluation. By offering entry to correct knowledge, 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 purchasers and resolve any points shortly when they’re saved abreast of reserving standing modifications and notifications in actual time.
Raft gives each back-end providers and a cargo portal for finish customers. With this portal, Raft’s clients can simply publish each proprietary and exterior knowledge for consumption by their finish customers. Transparency is elevated, and cooperation between logistics suppliers and their purchasers 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 purchasers and the end-customers within the provide chain is bolstered by the customer-facing cargo portal.
The logistics trade’s most influential corporations have taken discover of Raft due to its novel approaches. The likes of EMO Trans, OIA International, The Scarbrough Group, NNR International Logistics, and Navia Freight are among the many agency’s notable clientele. Leaders within the trade 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 capacity to offer clients with fast advantages. Eight Roads VC Associate Michael Treskow praises Raft’s trade data and cutting-edge AI capabilities, noting the agency’s potential to unravel extra issues within the logistics sector. Raft is poised to proceed its fast progress and affect the way forward for the freight logistics trade because of its current Collection B funding and increasing consumer base.
First reported on TechCrunch
Ceaselessly Requested Questions
Q: What’s Raft and what are its essential focuses?
A: Raft, previously referred to as Vector.ai, is an organization devoted to revolutionizing the logistics sector by the usage of AI-powered options. Raft gives modern instruments and platforms that assist logistics corporations enhance effectivity, decision-making, and customer support.
Q: What current funding did Raft safe, and who have been the buyers?
A: Raft just lately raised $30 million in Collection B funding, led by Eight Roads VC. Different buyers concerned within the funding spherical embody Bessemer Enterprise Companions, Episode 1, Dynamo Ventures, and Moguntia Capital. This vital funding displays buyers’ confidence in Raft’s capacity to drive innovation within the logistics trade.
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 handbook 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 permits logistics corporations to allocate extra sources to core enterprise actions whereas sustaining accuracy and effectivity.
Q: How does Raft enhance warehouse operations within the logistics trade?
A: Raft presents an AI-based automated storage resolution that helps logistics corporations optimize stock administration, reduce prices, and speed up order processing. By leveraging cutting-edge algorithms and real-time knowledge evaluation, Raft enhances warehouse effectivity and improves general 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 purchasers higher and resolve any points promptly.
Q: Who’re a few of Raft’s notable purchasers within the logistics trade?
A: Raft has secured partnerships with influential corporations within the logistics sector, together with EMO Trans, OIA International, The Scarbrough Group, NNR International Logistics, and Navia Freight. These partnerships showcase Raft’s capacity to ship fast advantages and resolve logistics challenges for trade leaders.
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