Since its inception in 2017, when it was known as Vector.ai, Raft has undergone significant development. The company has expanded its efforts beyond the realm of machine learning, which it had previously used to automate freight forwarding and customs brokerage, and into the realm of artificial intelligence. Raft’s dedication to staying on the cutting edge of technology and providing its customers with innovative solutions is reflected in this shift.
Investors were impressed by Raft’s history of success and its dedication to innovation. Raft recently raised $30 million in Series B funding with leadership from Eight Roads VC. This sizeable investment shows investors’ faith in Raft to revolutionize the logistics sector with AI-powered solutions. Moguntia Capital wasn’t the only investor involved in the round; existing backers Bessemer Venture Partners, Episode 1, and Dynamo Ventures also chipped in.
Raft’s primary goal is to help logistics companies use AI to improve efficiency and customer service. Raft’s clients can increase productivity, improve decision-making, and provide superior service to their customers due to the platform’s use of automated processes and cutting-edge algorithms. Let’s take a look at some of Raft’s most essential features.
Raft foresaw early on that accounts payable reconciliation would be a problem in the logistics sector. This method has historically been labor-intensive and prone to mistakes. However, the AI-driven solution provided by Raft automates and streamlines this vital process, saving time and effort for freight forwarders and customs brokers. Raft’s smart accounts payable reconciliation helps businesses maintain precise and effective financial processes.
Raft’s AI is also useful for facilitating the customs entry process. Logistics experts often face challenges when complying with customs requirements and related paperwork. By automating crucial steps, reducing human error, and guaranteeing compliance, Raft’s solution streamlines the process. Raft’s clients can devote more time and energy to what matters most to their businesses because the company has simplified the process of preparing customs entries without sacrificing accuracy or efficiency.
Warehouses play an essential role in the logistics ecosystem, and improving how they function can have far-reaching effects on logistics performance as a whole. Raft understands this need and provides an AI-based automated storage solution. Raft helps companies in the logistics industry improve inventory management, cut costs, and speed up order processing by utilizing cutting-edge algorithms and real-time data analysis. The automated warehousing solution helps businesses improve warehouse efficiency by providing access to accurate data.
The logistics process relies heavily on confirmed reservations, facilitating efficient communication between all parties involved. The Raft AI-powered solution automates the confirmation of reservations, doing away with human error and saving time. Logistics companies can better serve their clients and resolve any issues quickly when they are kept abreast of booking status changes and notifications in real-time.
Raft provides both back-end services and a shipment portal for end users. With this portal, Raft’s customers can easily publish both proprietary and external data for consumption by their end users. Transparency is increased, and cooperation between logistics providers and their clients is simplified with features like multi-source container visibility, emissions reporting, and quote-to-book capabilities. The customer-facing shipment portal bolsters Raft’s dedication to providing value to its direct clients and the end-customers in the supply chain.
The logistics industry’s most influential companies have taken notice of Raft because of its novel approaches. The likes of EMO Trans, OIA Global, The Scarbrough Group, NNR Global Logistics, and Navia Freight are among the firm’s notable clientele. Leaders in the industry have put their faith in Raft, and these partnerships prove that the company can deliver on its promises.
Raft has received praise for its dedication to innovation and ability to provide immediate benefits to customers. Eight Roads VC Partner Michael Treskow praises Raft’s industry knowledge and cutting-edge AI capabilities, noting the firm’s potential to solve more problems in the logistics sector. Raft is poised to continue its rapid growth and influence the future of the freight logistics industry thanks to its recent Series B funding and expanding client base.
First reported on TechCrunch
Frequently Asked Questions
Q: What is Raft, and what are its main focuses?
A: Raft, formerly known as Vector.ai, is a company dedicated to revolutionizing the logistics sector through the use of AI-powered solutions. Raft provides innovative tools and platforms that help logistics companies improve efficiency, decision-making, and customer service.
Q: What recent funding did Raft secure, and who were the investors?
A: Raft recently raised $30 million in Series B funding, led by Eight Roads VC. Other investors involved in the funding round include Bessemer Venture Partners, Episode 1, Dynamo Ventures, and Moguntia Capital. This significant investment reflects investors’ confidence in Raft’s ability to drive innovation in the logistics industry.
Q: What are some of the key features of Raft’s AI-powered solutions?
A: Raft offers various features that help logistics companies enhance their operations. These include automated accounts payable reconciliation, streamlined customs entry processes, AI-based automated warehouse storage solutions, automated reservation confirmation, and customer-facing shipment portals that increase transparency and collaboration.
Q: How does Raft’s solution improve accounts payable reconciliation in logistics?
A: Raft’s AI-driven solution automates and streamlines the accounts payable reconciliation process in the logistics sector, reducing manual labor and minimizing errors. This improves financial processes and ensures greater accuracy and efficiency.
Q: What benefits does Raft provide in customs entry processes?
A: Raft’s AI-powered solution simplifies and automates crucial steps in customs entry processes, ensuring compliance, reducing human error, and saving time. By streamlining the process, Raft enables logistics companies to allocate more resources to core business activities while maintaining accuracy and efficiency.
Q: How does Raft improve warehouse operations in the logistics industry?
A: Raft offers an AI-based automated storage solution that helps logistics companies optimize inventory management, cut costs, and accelerate order processing. By leveraging cutting-edge algorithms and real-time data analysis, Raft enhances warehouse efficiency and improves overall logistics performance.
Q: What benefits does Raft’s automated reservation confirmation provide?
A: Raft’s AI-powered solution automates the confirmation of reservations, eliminating human errors and saving time. This ensures efficient communication between all parties involved in the logistics process, allowing logistics companies to serve their clients better and resolve any issues promptly.
Q: Who are some of Raft’s notable clients in the logistics industry?
A: Raft has secured partnerships with influential companies in the logistics sector, including EMO Trans, OIA Global, The Scarbrough Group, NNR Global Logistics, and Navia Freight. These partnerships showcase Raft’s ability to deliver immediate benefits and solve logistics challenges for industry leaders.
Featured Image Credit: Paul Teysen; Unsplash; Thank you!
