Wisor AI has secured $8 million in seed funding to grow its freight booking software solution.
The company’s artificial intelligence (AI)-powered solution replaces manual processes and legacy tools and helps freight forwarders plan, price and book shipments in seconds rather than hours or days, Wisor AI said in a Tuesday (Feb. 7) press release.
“The complexity of supply chain management has become pronounced in recent years due to global disruptions caused by COVID-19,” Wisor AI CEO and Co-founder Raz Ronen said in the release. “Wisor found a way to digitize this industry without requiring freight forwarders to fundamentally change the way they operate today, making the adoption seamless, while enjoying the benefits of digitization.”
The freight forwarding industry has been drawing digital solutions for other aspects of its operations as well.
In August, freight software provider Expedock raised $13.5 million in Series A funding round for its AI-powered software that transforms paper documents such as invoices and statements of accounts into data and brings them into customers’ existing freight forwarding tools.
The freight forwarding industry has long been behind others in the use of technology, but supply chain bottlenecks and the move to remote work increased the need to automate the handling of paperwork, Expedock said at the time.
In another move announced in August, Vector.ai — which has since rebranded as Raft — introduced payment integrations to its productivity platform for freight forwarders, saying this enables forwarders to further automate their operations, free up their human workforce and pay creditors much faster to reduce goods clearing times.
Wisor’s software solution for freight forwarders automates the processes of aggregating pricing data and optimizing shipping routes across airlines, ocean liners, trucking and rail companies, according to the press release.
By digitizing these functions, the company’s solution also could be extended into payments, financing, insurance and other value-added services, the release said.
The seed funding round was led by venture group Team8.
For all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More