Singapore’s Portcast raised $6.5 M Series A funding from Susquehanna Asia VC
Portcast, a Singapore-based company that offers predictive analytics and real-time transportation visibility, revealed that it has raised $6.5 million in a Series A funding round.
According to a statement from Portcast, Susquehanna Asia VC led the round, with involvement from Hearst Ventures, Signal Ventures, and current investors Wavemaker Partners, TMV, and Innoport.
The new investment will speed up Portcast’s product development, especially in using generative artificial intelligence (AI) to enhance its capacity for risk management, transportation planning, and invoice auditing.
The company intends to improve its integrations with technology partners and delve further into important markets in Europe and Asia Pacific.
Portcast is in a strong position to fulfill its objective of using actionable data to strengthen international trade with this investment.
Supply chain interruptions are now commonplace, according to Nidhi Gupta, founder and CEO of Portcast, which raises costs for shippers and logistics service providers around the world.
“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,” she said.
The support from both new and existing investors, she says, is a testament to the customer satisfaction they have achieved and the confidence in their approach in the current difficult economic climate.
“Looking ahead, we’re eager to expand in Asia Pacific and Europe, strengthening partnerships to bring our solutions to even more companies,” she added.
Portcast is a company that offers global supply chains predictive analytics and real-time transportation visibility.
The platform uses generative AI and proprietary machine learning to process more than 5 million data points every day from 800 ports, more than 370 carriers, geolocation data from satellite and terrestrial sources, voyage and risk data, documents, invoices, and enterprise resource planning (ERP) systems.
Portcast provides a centralized and dependable visibility solution to shippers, logistics service providers, and transportation management system (TMS) systems.
Leading companies in the sector, including AIT Corp, Sumitomo Warehouse, MPG Group, Otentic Customs, FreshCo, and Wilo Group, use the platform. Portcast is revolutionizing supply chain efficiency globally.
In the face of more disruption and increasingly brittle global supply chains, Portcast’s ongoing investment in AI technology helps safeguard its clients’ profitability.
In order to help shippers and logistics service providers increase transportation efficiency, operational costs, and carbon emissions, Portcast offers proactive exception management with justifiable justifications and suggests alternative courses of action.
