£5.4m funding for Shipamax
Shipamax has secured £5.4m funding.
The London-based logistics automation software firm said it will roll out across industry following the Series A backing.
The round was led by Mosaic Ventures, with support from Crane Venture Partners and Y Combinator.
Logistics providers currently receive up to 25 documents for a shipment, with extra emails on top. Shipamax aims to automate these back-office processes for logistics organisations.
The software automatically identifies emails and documents, extracts and understands the data, and syncs with key systems via an open API.
“Our proprietary anti-template technology allows freight forwarders to reduce costs spent on data-entry by 80% and shift these resources to high-value tasks,” explained Jenna Brown, co-founder and CEO.
The UK company claims that the software processes 18 million emails and documents a year, with zero customer churn.
Simon Levene of Mosaic Ventures said: “After years of quiet development and training across millions of documents, Shipamax is in prime position to rapidly roll out across this massive industry, and bring enormous value to freight forwarders and shippers alike.”
The funding will help Shipamax double in size over the coming months, investing both in engineering and customer success.