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Ship Angel Raises $5M in Funding

Ship Angel Raises $5M in Funding

ShipAngel, a New York City-based provider of an AI-local platform for international shippers, has raised $5 million in funding.

Key Highlights:

  • Funding details:
  • Amount collected: $5 million
  • Lead investor: Glasswing Ventures, Newark Venture Partners (NVP)
  • Participating investors: Bienville Capital, Socii Capital, Plug and Play

About Ship Angel:

  • Leadership:
  • CEO: Graham Parker
  • General overview of the institution:
  • specialization: SaaS solution for the Beneficial Cargo Owner (BCO) shipper community.
  • Basic presentation: A logistics operating system designed to streamline freight processing, increase data accuracy, and deliver significant time and cost savings.

New AI-powered solutions:

  • Product expansion:
  • Contract Modification Guard:
    • Functionality: Acts as a central line of communication between carriers/forwarders and shippers.
    • the aim: Identifies changes to surcharges, free time changes, and transit time changes, ensuring all modifications are tracked and communicated effectively.
  • Invoice Audit:
    • Functionality: Provides AI-powered auditing of invoices by storing bookings in a digital environment.
    • the aim: Matches bookings with valid dates (e.g. shipping or received at terminal) and actual rates, flagging discrepancies to reduce error rates and save manual labor hours.

Strategic Use of Funds:

  • Expansion efforts: The funding will be used to expand ShipAngel's ocean and air freight rate management platform.
  • Starting a new solution: The funds will also facilitate the launch of two new AI-powered solutions, Contract Amendment Guard and Invoice Audit, designed to streamline BCO workflows and improve the bottom line.

Impact of funding

  • Better performance: The new solutions are expected to significantly improve the efficiency of the rate management process for BCOs, reducing errors and manual workload.
  • Cost savings: By automating key aspects of freight rate management and invoice auditing, BCOs can achieve significant time and cost savings.
  • Market positioning: The successful funding round and the introduction of advanced AI-powered tools position ShipAngel as a SaaS provider in the logistics and shipping industry.

ShipAngel's focus on leveraging AI to streamline and enhance logistics operations demonstrates its commitment to driving innovation and delivering tangible benefits to the international shipping community.

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