Starboard Systems gets $5.5M funding to automate logistics and quotes for freight forwarders

Logistics optimization software startup Starboard Systems Inc. wants to help freight companies to eliminate global supply chain complexities after closing on a $5.5 million round of funding.

The money comes from new investor Eclipse and existing backers Garuda Ventures and Everywhere Ventures. It will enable Toronto-based Starboard to expand its engineering team and accelerate the development of its artificial intelligence-powered logistics hub.

The startup’s software caters to small freight forwarders that coordinate and organize the shipment of goods around the world by liaising with various carriers, including shipping companies, trucking companies and airlines.

The Starboard OS software differs from other logistics platforms through its reliance on AI bots that handle all of the heavy lifting that’s required to ship products from one part of the world to another. These bots do everything from processing shipments in real-time to reconciling invoices and following up on payments, utilizing real-time data feeds from more than 75 shipping lines and more than 300 airlines. Its platform enables freight companies to coordinate and manage shipments from multiple carriers within a single user interface, providing real-time visibility into their progress.

Just as compelling, Starboard offers an automated quote tool that’s able to read and review pricing requests, and automatically generate quotes based on more than 100 parameters to give freight forwarders a competitive edge versus their rivals. That’s something that could prove to be a game-changer for freight companies in a cutthroat shipping industry known for its razor-thin margins.

The startup reckons its platform can help freight forwarders to reduce their operational expenses by as much as 50%, as it improves their competitiveness in terms of pricing while freeing their teams to focus on more strategic tasks. According to Starboard co-founder and Chief Executive Sumeet Trehan, this can make a huge difference in an extremely complex and lucrative global supply chain industry that’s extremely vulnerable to disruption.

“Global trade has long been plagued by inefficiencies that drive up costs and reduce competitiveness,” Trehan said. “Our platform is designed to empower SMB freight forwarders, the backbone of more than $20 trillion in global trade and $1 trillion in logistics spend, with the tools they need to thrive in this complex ecosystem.”

Starboard launched its AI-powered shipping logistics platform last year and is on course to reach $2 million in annual recurring revenue by 2025. It has rolled out a steady flow of updates since launching, with new features including the Starboard Control Tower, which streamlines shipment operations through automated document generation, regulatory filings and follow-ups with vendors.

Eclipse Partner Kaitlyn Glancy said the logistics industry is ripe for AI transformation. “By addressing [the industry’s] complexities, Starboard is delivering solutions that make logistics more efficient and accessible, empowering companies of all sizes and economies to thrive,” she said.

Image: SiliconANGLE/Freepik AI

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