Investment to advance AI technology to fortify fragile global supply chains amid rising disruptions
SINGAPORE,Nov. 18,2024 -- Portcast,the Singapore-based provider of real-time transportation visibility and predictive analytics,today announced it has raised USD 6.5 million in a Series A funding round. The round was led by Susquehanna Asia VC,with participation from Hearst Ventures,Signal Ventures,and existing investors including Wavemaker Partners,TMV,and Innoport. Amid increasingly fragile global supply chains and heightened disruption,Portcast's continued investment in its artificial intelligence (AI) technology helps protect clients' profitability.
Portcast provides proactive exception management,with explainable reasons and recommends alternate actions to enable shippers and logistics service providers to improve productivity,operational cost and carbon emissions in transportation. Their data network integrates data from carriers,terminals,geolocation and risk data,and proprietary documents to provide accurate visibility through a single,easy-to-integrate API and portal. Utilizing machine learning and advanced large language models (LLMs),Portcast delivers actionable insights to improve operational and financial transparency in the supply chain.
Nidhi Gupta,Founder and CEO of Portcast,said: "Supply chain disruptions have become the norm,driving up costs for shippers and logistics service providers globally. It is no longer enough to monitor shipments; the priority now is to drive actions from visibility data through automated recommendations. That's why we're committed to building a product that uncovers risks in transport but more importantly,automatically suggests actions to reduce freight costs and/or improve customer experience."
"In today's challenging economic climate,the support from both existing and new investors is a testament to the customer satisfaction we've achieved and the confidence in our approach. Looking ahead,we're eager to expand in Asia Pacific and Europe,strengthening partnerships to bring our solutions to even more companies," she added.
Richard Hsu from Susquehanna Asia VC,said: "Portcast has tapped into both public and proprietary data that brings accurate and explainable transportation visibility. But what sets them apart is their ability to turn that data into practical,actionable insights for their customers,setting a new benchmark in logistics decision-making. We're excited not only by what Portcast has already accomplished but also by its potential to solve more challenges in global trade with its unique data approach."
The new funding will accelerate Portcast's product innovation,particularly in leveraging generative AI to improve risk management,transport planning,and invoice auditing capabilities. The company plans to expand deeper into key markets across Asia Pacific and Europe,and strengthen integrations with technology partners. With this investment,Portcast is well positioned to deliver on its mission of making global trade more resilient through actionable data.
A media kit is available here: https://drive.google.com/drive/folders/17Ga6oq4Ze1zk-a4fWWtkmyEZ8o8REg2e?usp=sharing
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