Automated freight loading co Freightos raises $7.6m

The proceeds will help fund the companys vision of bringing international freight online with automated pricing and booking.

Automated freight loading company Freightos has completed a financing round of $7.6 million. Investors include Annox Capital, Aleph, ICV, and OurCrowd. The proceeds will help fund the companys vision of bringing international freight online with automated pricing and booking.

Freightos CEO Zvi Schreiber said, Almost $19 trillion dollars of goods were imported/exported in 2013. Thats a growth of 5X compared to 1990. But the technology of the cargo industry hasnt changed at the same pace. Freightos is automating freight sales and bringing it online. Importers and exporters are people who buy clothing, electronics and food online in seconds - they shouldnt wait days for freight price quotes, with inaccuracies that drive up shipping costs."

Freightos has successfully automated the routing and pricing of freight including all the intricacies of ocean, air, and land transportation. With Freightos, freight forwarders can quote instantly for even the most complex routes. Freightos provides dozens of leading global freight brokers and major import/export companies around the world with automated rate management and quoting solutions, leveraging big data technology to generate instant, door-to-door freight quotes in seconds. The result is a 12fold return on investments (ROI) in months. There has been a 600% year-over-year growth in online automated freight quoting.

Following the Investment Freightos has added Annox Capital Managing Partner Robert Mylod to its Board of Directors. Mylod will further promote online automation in freight, following his role as a key member of the team which successfully automated online consumer travel.

Mylod said, Freightos is poised to revolutionize the trillion dollar freight industry, introducing the same efficiency and transparency that Priceline brought to consumer travel. While the freight industry is inherently complex, Freightos innovative platform can vastly improve the global freight quoting process and introduce significant savings to global supply chains.

Published by Globes [online], Israel business news - www.globes-online.com - on October 29, 2014

Copyright of Globes Publisher Itonut (1983) Ltd. 2014

 
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