At a Glance
Portcast raises $3.2M in a pre-Series A funding round led by Newtown Partners and others to fuel its international expansion efforts, doubling its workforce and transit towards a prescriptive AI from a predictive AI approach
Singapore’s Portcast, a provider of digitization solutions for the logistics industry, raised $3.2 million in a pre-Series A funding round led by Newtown Partners to expand into more markets, reports state.
Portcast had previously raised an undisclosed seed amount in 2018 from investors. This pre-Series A round saw new investors Wavemaker Partners, TMV and Innoport alongside existing backer SGInnovate, participate.
Portcast, founded in 2017, provides a route-based SaaS platform that aspires to make logistics profitable with accurate demand forecasts. Its data analytics engine combines historical data and identifies patterns in the supply chain that cause demand disruption and leverages machine learning to improve prediction results.
In an interview with TechCrunch, Nidhi Gupta, co-founder and CEO of Portcast, stated that the company’s vision is to improve the efficiency of its clients’ operations, reducing their reliance on manual processes.
There are logistics operators with hundreds of cargo coming in every single week, they’re going and checking this manually every day. That goes into an Excel sheet and that’s what the planning of downstream operations is based onNidhi Gupta, co-founder and CEO of Portcast
TechCrunch reported that Portcast is looking to launch Order Visibility, a feature to track containers, by the end of this year. Using the proceeds from the funding, Postcart would fuel its international expansion efforts, doubling its manpower and transition from predictive AI to prescriptive AI approach, reports indicate.
An advantage of Portcast over other logistics tech startups, as reported, is its base in the Asia-Pacific region, where ships usually channel multiple ports, encountering frequent weather conditions such as tropical storms and typhoons.
Besides just predicting when there will be a likely disruption, we’re able to pinpoint and say there’s a delay of X days because there will likely be a typhoon or a transshipment, and that empowers them because they can tell their trucking and warehousing teams how many containers are going to come in.TechCrunch reported