Ship Angel, a New York City-based provider of an AI-native platform for international shippers, has raised $5 million in funding.
Key Highlights:
- Funding Details:
- Amount Raised: $5 million
- Lead Investors: Glasswing Ventures, Newark Venture Partners (NVP)
- Participating Investors: Bienville Capital, Socii Capital, Plug and Play
About Ship Angel:
- Leadership:
- CEO: Graham Parker
- Company Overview:
- Specialization: SaaS solutions for the beneficial cargo owner (BCO) shipper community.
- Core Offering: A logistics operating system designed to streamline freight processing, enhance data accuracy, and drive significant time and cost savings.
New AI-Powered Solutions:
- Product Expansion:
- Contract Amendment Guard:
- Functionality: Acts as a central line of communication between carriers/forwarders and shippers.
- Purpose: Identifies changes in surcharges, free time changes, and transit time changes, ensuring all amendments are tracked and communicated efficiently.
- Invoice Audit:
- Functionality: Provides AI-powered auditing of invoices by storing bookings in a digital environment.
- Purpose: Matches bookings with exact dates (e.g., sailing or received on terminal) and actual rates, flagging inconsistencies to reduce error rates and save manual labor hours.
Strategic Use of Funds:
- Expansion Efforts: The funding will be utilized to support the expansion of Ship Angel’s ocean and air freight rate management platform.
- Launch of New Solutions: Funds will also facilitate the launch of the two new AI-powered solutions, Contract Amendment Guard and Invoice Audit, designed to optimize BCO workflows and improve bottom lines.
Impact of the Funding
- Enhanced Efficiency: The new solutions are expected to significantly improve the efficiency of rate management processes for BCOs, reducing errors and manual workload.
- Cost Savings: By automating critical aspects of freight rate management and invoice auditing, BCOs can achieve substantial time and cost savings.
- Market Positioning: The successful funding round and introduction of innovative AI-powered tools position Ship Angel as a leading SaaS provider in the logistics and shipping industry.
Ship Angel’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.
