Intelligent logistics platform Raft raises $30 million in funding
Raft, the intelligent logistics platform, has successfully raised $30 million in its Series B funding round, led by global VC investor Eight Roads. The investment will be used to further develop Raft's core automation products and improve data collaboration across the ecosystem. Raft, formerly known as Vector.ai, helps players in the logistics industry apply AI to their daily tasks and customer interactions. Its platform automates the execution of over 300,000 shipments per month, saving customers up to 2 hours on every shipment.
The funding will also be used to expand Raft's market reach and deepen its impact in the freight forwarding and customs brokerage industry.
Raft already serves 60 customers, including 40% of A&A's Top 25 Global Freight Forwarders List. The platform's AI-first approach empowers freight forwarders and customs brokers, allowing them to focus on their customers instead of operational tasks. Raft's CEO and Co-Founder, James Coombes, recognizes the pain points in the logistics industry and aims to provide a single AI-platform that offers best-in-class automation across various aspects of the business.
With rising costs and lower revenue for freight forwarders and customs brokers, digital tools and automation are more crucial than ever. Raft sees AI as an enabling force for a new way of working in logistics, offering efficiency, collaboration, and complete digitalization of processes. The platform not only enhances automation but also provides a digital shipment portal for customers, allowing them to share data with their end-customers. Raft's vision is to scale the global logistics industry through automation and data-driven decision-making.
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