Expedock, a Philippine-based Artificial Intelligence startup working with supply chain companies, announced today it has landed US$4 million in seed funding.
The round was led by a US$2.5 million investment by Ali Partovi, who had previously backed notable startups including Airbnb, Dropbox and Facebook.
Additional investors include executives from global tech companies and startups including eBay, Salesforce, LinkedIn and Instagram.
Expedock said in a statement that the funds will be used to expand its team as it seeks to accommodate a growing number of international clients.
Launched in 2019 by King Alandy Dy, Rui Aguiar and Jeff Tan, Expedock’s Nuance technology allows its Artificial Intelligence to understand documents even without having seen one of the same format. It uses AI to power back-offices for businesses in cross-border container trade to revolutionize the workflow of businesses in the supply chain.
The company claims it is able to generate savings of up to 90 per cent of their clients’ operational expenses by eliminating all data extraction and data entry work for airway bills, bills of ladings, invoices, and decreases turnaround time by up to 10x.
“We’ve seen firsthand how the errors in the first mile of shipping lead to costly corrections amounting up to US$25,000. Freight forwarders have had to manually encode and process significant amounts of paperwork which with one mistake could cost a company thousands of dollars to correct,” remarked Alandy Dy.
Despite the global supply chain market projected to reach US$37.41 billion by 2027, with Asia Pacific experiencing the bulk of the growth, Expedock noted manual data processing remains a key biggest operational hurdle for most businesses.