Loadsmart, a prominent freight technology and transportation service provider, has announced its acquisition of NavTrac, a technology company specializing in computer vision for yard, terminal, and asset management.
NavTrac employs a blend of proprietary machine learning, optical character recognition, AI tools, and third-party hardware and software to harness the power of cameras for live video capture of trucks and containers. It automatically extracts alphanumeric data, documents equipment, detects damages, and timestamps events related to incoming and outgoing trucks and containers. Computer vision technology also aids in mitigating crime and fraud within the freight industry by identifying incorrect timestamps and monitoring the security of high-value cargo.
This acquisition enables Loadsmart to expand its solutions, offering a digitized and automated approach to inventory management and asset tracking. It enhances logistics efficiency for intermodal service providers, container/storage yards, asset-based carrier truck yards, and warehouse operators. Loadsmart’s expansion into computer vision reinforces its position as a freight industry leader and introduces new products to its portfolio.
Loadsmart is already a leader in dock scheduling solutions with its Opendock offering, used by over 110,000 carriers in the US. NavTrac’s technology will augment and extend the value proposition for more than 3,000 warehouses that have adopted Opendock.
NavTrac’s innovation, coupled with Loadsmart’s existing resources in sales, customer experience, technology, and back-office capabilities, opens avenues for new revenue streams and the elimination of downstream costs for transportation facilities. Additionally, NavTrac’s SmartGate camera system facilitates automatic compliance tracking for the Warehouse Indirect Source Rule (ISR) emissions mandate affecting warehouses in Southern California over 100,000+ square feet.
Felipe Capella, CEO of Loadsmart, highlighted the significance of the acquisition, stating that computer vision can automate inbound and outbound facility traffic, identify damages in trucks and containers, and enhance yard and terminal visibility by creating virtual yards based on camera data. This strategic move aligns with Loadsmart’s mission to provide innovative solutions that drive efficiency and value for its customers.
Loadsmart currently offers transportation services such as Managed Transportation and Brokerage, along with software solutions like ShipperGuide, Opendock, and CarrierTMS to shippers, warehouses, and carriers, respectively.