Portcast gets $3.2M to create more transparent and sustainable supply chains
For many manufacturers and freight forwarders, managing logistics is still a very manual process: tracking shipments with a call or online lookup, and entering that data into an Excel spreadsheet. Portcast, which describes itself as a “next-generation logistics operating system,” makes the process more efficient by gathering data from myriad sources and not only track shipments in real-time, but also predicts what might affect its progress, like major weather events, the tide and pandemic-related issues.
The company announced today it has raised $3.2 million in pre-Series A funding, led by Newtown Partners, through the Imperial Venture Fund, with participation from Wavemaker Partners, TMV, Innoport and SGInnovate. Based in Singapore, Portcast serves clients in Asia and Europe, and will use part of its funding to expand into more markets.
Co-founders Nidhi Gupta and Dr. Lingxiao Xia met at Entrepreneur First in Singapore. Before launching Portcast, Gupta, its chief executive officer, served in leadership roles across Asia at DHL. During that time, she realized the logistic sector’s “inefficiencies are actually an opportunity in this space to create something.” Dr. Xia, who holds a PhD in machine learning and has a background in product development and cloud computing, “was a great complementary fit” and is now Portcast’s chief technology officer.
Portcast says it tracks more than 90% of world trade volume that travels by ocean carriers, and 35% of air cargo, and can forecast demand for 30,000 trade routes. Sources include geospatial data, (Read more...)