Venture capital firm Eight Roads is leading a $30m (£23.4m) Series B investment into AI logistics company Raft.
The London-based firm, formally known as Vector.ai, has created tools to automate elements of the freight industry.
Specifically, it is targeted the elements with the “highest ROI” says Raft co-founder and CEO James Coombes, such as accounts payable reconciliation and customs entry preparation.
Raft’s AI also automates booking confirmations and warehousing.
“We quickly understood that our customers don’t want separate solutions for each of these areas, they want one AI platform that offers best-in-class automation across the length and breadth of their business,’ says Coombes.
Currently, the logistics AI company is used by approximately 60 customers for around 300,000 shipments each month.
Raft received funding from previous backers Bessemer Venture Partners, Episode 1 and Dynamo Ventures, along with new investor Moguntia Capital.
Michael Treskow, partner at Eight Roads, said: “The team has leveraged a combination of industry expertise and cutting-edge AI to build a product that delivers immediate value to its customers.
“There are many more concrete pain points Raft can solve for the industry, and we look forward to the team executing on their vision.”
Across its London, India and US offices, it has a team of 95 staff and will add to its headcount in the coming year.
BoxxDocks, is also looking to shake up the logistics industry with collapsable and trackable boxes, raising a £250,000 pre-seed this week.