Maersk Invests in AI Innovation
Maersk has invested in New York-based freight-booking artificial intelligence (AI) start-up Loadsmart as it looks to diversify its operations away from purely maritime transportation.
The world’s largest container shipping line is leading a $21.6 million Series A funding for Loadsmart through its Maersk Growth arm, a department it uses to research new technologies and find new investment opportunities.
It is joined by investment firm Connor Capital SB and asset management firm Chromo Invest in backing Loadsmart.
The new investment raises the total amount raised by Loadsmart to $34.7 million. It will use the capital, initially, to accelerate its product and engineering operations.
Loadsmart leverages AI to automate the truckload booking flow in the US and provides instant prices to shippers with capacity guaranteed on all US lanes.
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Through its automated platform, shippers can book a truck in seconds, as well as reduce their spot exposure by 50% and procurement execution by 90%.
Speaking about the investment, Sune Stilling head of Maersk Growth, said: "We see huge potential with Loadsmart.
“Forward integrations between ocean shipping and over-the-road services can create incredible synergies and eventually provide a full service to shippers.”
Richard Salgado, co-founder and CEO, Loadsmart, also commented: "Our strategy has been to focus exclusively on product development and technology.
“Now we are ready to grow. This round of investment will enable us to increase the business exponentially while maintaining high-service levels. It will also enable us to scale without losing the edge on innovation and technology."
PTI asked Maersk how much it invested, but it declined to disclose the amount.