Logistics software provider Alvys announced it has closed its Series A with $20.5 million in funding led by Titanium Ventures, with participation from Picus Capital and existing investors RTP and Bonfire. The company is looking to continue to develop its current offerings and support customer growth. Alvys has raised about $30 million to date.
Nick Darman, founder and CEO, told FreightWaves in an email Alvys is prioritizing its development in less-than-truckload and cross-border offerings, API endpoint development, and electronic data interchange automation.
“By continuously innovating and expanding our platform’s capabilities based on client feedback, we envision Alvys leading the way in automated, AI-driven logistics solutions that enhance productivity, profitability and customer satisfaction across the industry,” he said.
The software provider currently offers load matching, quote generation, document management and other back-office workflows for dispatching and managing assets. It also offers open API connections for customers to integrate accounting software and recordkeeping technology.
Darman also discussed some of the company’s customers and the workflow efficiencies Alvys has helped them achieve. For example, Bear Down Logistics saw load creation times down 12 minutes on average and PBJ Express reported over $120,000 in overhead expense savings.
“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,” Saad Siddiqui, general partner at Titanium Ventures, said in the release. “We are thrilled to announce our investment in Alvys and contribute to their mission in revolutionizing the freight industry.”
“We’ve been experiencing rapid customer growth, and our customers are growing as well. Based on a large sample of Alvys users, the average customer increased their load volume by 22% in four months and 29% in six months after going live with our platform based on an aggregate of customers taken this month,” Darman explained.
Source: freightwaves.com