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Tuesday 14 September 2021

Vector.ai secures $15m funding to automate freight forwarding

Vector ai logoLondon-based AI start-up Vector.ai has attracted investment from VC giant Bessemer Venture Partners – backers of LinkedInPinterest and Shopify – as part of a $15m series A funding round. The impressive start-up, which is on a mission to automate the $199 billion international freight forwarding industry, is one of Bessemer Venture Partners’ first investments in the UK as part of its expansion plans in Europe.

Founded in 2017, Vector.ai uses machine learning and automation to address a pressing need: improving productivity in the freight forwarding industry, which has been beset by challenges recently. It’s estimated that operational staff at freight forwarders spend one third of each day hunting through customer emails, attachments and legacy computer systems, distracting them from higher-value activities and limiting freight forwarders' ability to scale effectively. By automating workflows from accounts payable, to customs declarations and import/export documentation, Vector.ai’s platform is transforming these businesses. 

The start-up has taken an early lead in the emerging market, and we’re not surprised it has attracted the attention of an investor like Bessemer Venture Partners. Despite only releasing its beta product in late 2020, Vector.ai already has a range of customers in 20 countries, including several of the world’s top-10 freight forwarders, and month-on-month revenue has tripled so far in 2021. The funding round, which also includes existing investors Dynamo Ventures and Episode 1, will enable Vector.ai to accelerate its international expansion plans. It is undoubtedly one to watch as the business scales over the coming months.

Posted by: Tola Sargeant at 09:09

Tags: funding  

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