{"id":8763,"date":"2022-02-02T00:46:38","date_gmt":"2022-02-02T00:46:38","guid":{"rendered":"https:\/\/mailinvest.blog\/index.php\/2022\/02\/02\/smart-freight-transport-startup-loadsmart-raises-200m-in-series-d-funding\/"},"modified":"2022-02-02T00:46:38","modified_gmt":"2022-02-02T00:46:38","slug":"smart-freight-transport-startup-loadsmart-raises-200m-in-series-d-funding","status":"publish","type":"post","link":"https:\/\/mailinvest.blog\/index.php\/2022\/02\/02\/smart-freight-transport-startup-loadsmart-raises-200m-in-series-d-funding\/","title":{"rendered":"Smart freight transport startup Loadsmart raises $200M in Series D funding"},"content":{"rendered":"

<\/a>\n
<\/p>\n

\n

On-demand freight marketplace Loadsmart Inc.<\/a> said Tuesday it has raised<\/a> $200 million in a Series D round of funding led by SoftBank Group Corp.\u2019s Latin America Fund.<\/p>\n

The rail transportation company CSX Corp., asset manager Janus Henderson Group and existing investor BlackRock also participated in the round, which takes Loadsmart\u2019s valuation to $1.3 billion.<\/p>\n

Chicago-based Loadsmart sells a platform that helps shipping and trucking companies connect with customers. The platform uses artificial intelligence to help transportation firms price, book and ship goods while maximizing capacity.<\/p>\n

Supply shortages resulting from the COVID-19 pandemic have put a spotlight on the logistics industry, and that\u2019s good news for companies such as Loadsmart. In an interview<\/a> with VentureBeat, Loadsmart co-Chief Executive Ricardo Salgado said the logistics industry is full of deep rooted inefficiencies. Most trucking firms are running their trucks at 20% to 30% empty, he said, and yet all the while the news is full of stories about delays at ports and warehouses.<\/p>\n

Salgado said supply chain problems can be solved by unlocking more efficiency and that his company aims to do this using technology to bring carriers, shippers and warehouses together so goods can be moved in an automated way.<\/p>\n

Loadsmart\u2019s platform is powered by AI algorithms that work hard to ensure all logistics carriers within its network of 680,000 trucks are full, while also minimizing the \u201cempty miles\u201d those trucks have to travel, which it does by matching loads with available transport lanes. Customers that need good shipped across the U.S. can use Loadsmart\u2019s platform to request quotes that consider loading times, the overall size of a load and other factors.<\/p>\n

Salgado said Loadsmart\u2019s pricing AI algorithm takes into account more than 400 parameters to calculate shipping prices for virtually all lanes in the U.S. The algorithm also takes into account variables that shift at high frequencies, such as \u201ccustomer elasticities, Loadsmart\u2019s internal operational capacity, shifts in conversion and shipper momentum, and future market movements.\u201d<\/p>\n

The platform also uses AI to organize shipping documents such as invoices and bills of materials.<\/p>\n

Loadsmart\u2019s platform is in big demand. In August, the company announced a major partnership with The Home Depot Inc., helping that retailer to leverage its flatbed capacity through Loadsmart\u2019s Flatbed Messenger platform. It allows Home Depot to find its carrier network backhaul, thereby reducing its direct transportation costs.<\/p>\n

Loadsmart said its carrier network has grown to more than 680,000 trucks, and that its freight procurement software now processes hundreds of millions of dollars\u2019 worth of goods every week. In addition, some 600,000 dock appointments have been scheduled through Loadsmart\u2019s platform in the last month.<\/p>\n

\u201cThe logistics industry is ripe for transformation, as it remains heavily reliant on analog systems and processes that create fragmentation and prohibit collaboration,\u201d Salgado said in a statement. \u201cThe future of the supply chain and logistics industry relies on digitization and automation, where Loadsmart is leading the way.\u201d<\/p>\n

Loadsmart said it will use the funds from today\u2019s round to expand its technology offerings that connect shippers, carriers, brokers and warehouses to further increase efficiency and transparency.<\/p>\n

Despite the strong financial backing and impressive growth, Loadsmart does quite a bit of competition in the freight tech space. New York-based Transfix Inc.<\/a> offers a similar online marketplace that helps truck drivers find loads, while Seattle-based Convoy Inc.<\/a> optimizes routing guides from real-time prices for freight.<\/p>\n

Photo: Uello\/Pixabay<\/a><\/h5>\n
\n
\n

Show your support for our mission by joining our Cube Club and Cube Event Community of experts. Join the community that includes Amazon Web Services and Amazon.com CEO Andy Jassy, Dell Technologies founder and CEO Michael Dell, Intel CEO Pat Gelsinger and many more luminaries and experts.<\/span><\/h3>\n<\/div><\/div>\n