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Logistics software provider Alvys raises $20.5 million in Series A funding, aims to expand LTL and cross-border offerings, and enhance AI-driven solutions.
Freight tech just got a stimulus boost. Alvys, a logistics software provider, has scored $20.5 million in Series A funding from Titanium Ventures, with participation from Picus Capital and current investors RTP and Bonfire. Here are some points to note:
• Titanium Ventures led the round
• Total funding to date: $30 million
• Focus: LTL, cross-border offerings, API development
• Load matching
• Quote generation
• Document management
• Dispatching and asset management
Nick Darman, Alvys founder and CEO, has his eyes on the prize:
"We envision Alvys leading the way in automated, AI-driven logistics solutions that enhance productivity, profitability and customer satisfaction across the industry."
• Bear Down Logistics: 12-minute reduction in load creation times
• PBJ Express: $120,000 saved in overhead expenses
According to the company, the average Alvys customer sees:
• 22% increase in load volume after 4 months
• 29% increase after 6 months
Saad Siddiqui from Titanium Ventures spoke on the the matter when it pertains to the industry working with the old, while transitioning into the new:
"In an industry filled with older, legacy technology and one that faces regulatory changes, it is harder than ever to be in the freight space."
If you would like to hear more about Alvys, we have an interview with the Founder & CEO, Nick Darman, Co-Founder & CTO, Leo Gorodinski, and the VP of Marketing, Ava Barnes, on our podcast. You can watch it here.
Source: FreightWaves
Over 3,200 venture-backed U.S. startups failed this year, raising questions about investment strategies and comparisons to past bubbles.
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