Loadsmart, digital freight technology company, raised $19 million to embark on a major initiative, enhancing the flow of freight through American ports. Taking part in the initiative are Ports America and Maersk Growth as investors. This investment is in line with Loadsmart’s series A round in late 2018, totalling the funding at $53.4 million.
The investment will be used on Loadsmart’s Smart Drayage initiative which aims to assist industry stakeholders rethinking the flow of shipping containers through the terminals and develop a free flow model to transmit goods faster through the largest American ports.
Last year, Maersk Growth invested in Loadsmart’s AI freight booking, aiming towards providing a full service to shippers, who will be able to automate the truckload booking flow in the US.
Ricardo Salgado, CEO and co-founder of Loadsmart commented
The free-flow model moves the industry from container-specific to container-agnostic. It means that truck drivers will be given the best container available when they arrive at the port, having pre-agreed with a specific mileage band trip.
He added that the company forecasts that truck drivers will decrease the time of getting in and out of the port by at least 25%, whereas port operators will be able to reduce container shuffles by at least 50%, which is a huge efficiency gain.
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Aside from Ports America and Maersk Growth, Chromo Invest and Connor Capital SB participated in this intermodal-focused investment, bringing the total investment in Loadsmart to date to $51.7 million.
In light of Maersk’s participation in the project, the Maersk’s Chief Executive has already discussed the company’s aspiration on boosting its logistics sector.
