Raft
Overview
Raft, formerly known as Vector.ai, is an AI-driven logistics platform that automates numerous operations within the freight forwarding industry. It was founded in 2017 by James Coombes and Nisarg Mehta. Based in London, Raft is designed to enhance efficiency and accuracy in logistics through advanced automation solutions. Over time, it has secured substantial investment, including a notable Series B funding round that raised $30 million. This funding has been instrumental in expanding Raft's AI capabilities and market reach.
Recent Developments
- September 2024: Raft announced advancements in AI, focusing on investor confidence and increased logistics precision. This development follows a Series B funding round raised to enhance AI features within their logistics software. Source
- July 2024: Navia, an integrated global freight and logistics provider, successfully deployed Raft’s AI to streamline operations. This implementation led to increased efficiency, processing 75% of invoices automatically. Source
- July 2023: Raft raised $30 million in Series B funding aimed at driving further development of its platform, focusing on AI capabilities to enhance freight forwarding efficiency. The round was led by Eight Roads Ventures. Source
- November 2023: CEO James Coombes highlighted the integration of human-centric technology in AI applications at the TIACA Executive Summit, reinforcing the importance of human relationships in logistics. Source
- Raft has increased its AI capabilities, processing $10 billion in freight invoices and has reached over 5 billion labeled logistics data points. Source
Company Information
| Attribute | Information |
|---|---|
| Founding Date | 2017 |
| Headquarters | London, England |
| Founders | James Coombes, Nisarg Mehta |
| Revenue | Not publicly disclosed |
| Profits | Not publicly disclosed |
| Key Investors | Bessemer Venture Partners, Eight Roads Ventures |
| Industry | Logistics, Freight Forwarding |
| Number of Employees | 146 |
Early History
Raft was founded in 2017 as Vector.ai by James Coombes and Nisarg Mehta. Their vision stemmed from the need to enhance productivity and performance in freight operations through advanced technology. The rebranding from Vector.ai to Raft in 2022 marked their evolution from a document processing service to a comprehensive AI-powered logistics platform. Starting with foundational AI technologies to automate routine tasks, Raft quickly positioned itself as a key player in streamlining logistics workflows through automation and standardized data processes.
Company Profile and Achievements
Raft operates as an AI-centric logistics platform focusing on the freight forwarding industry. Its main objective is automating key logistics operations to save time and reduce errors.
- 2017: Raft is established to focus on optimizing shipment processing through AI technology.
- 2021: The company raised a $15 million Series A round, enabling it to expand its machine learning applications.
- 2023: Rebranded from Vector.ai to Raft, emphasizing its broader capabilities beyond document automation.
- Series B Funding: Raised $30 million to further develop its AI solutions, covering additional logistics pain points and enhancing visibility and data collaboration tools.
- Clientele and Integration: Services 60 freight forwarders globally, automates more than 300k shipments monthly, providing significant advances in workflow management, emissions reporting, and visibility enhancement.
Current Operations and Market Position
Raft currently operates as a pivotal AI-powered logistics solution, primarily serving freight forwarders and customs brokers. Its operations focus on automating various logistics activities, from accounting and customs to full shipment cyclops, significantly reducing manual interference. This approach positions Raft as a leader in logistics automation, enabling its partners to drive operational efficiency and better customer service while managing emissions data and other compliance requirements effectively. With ongoing partnerships and integrations like CargoWise, Raft continues to extend its influence across the logistics sector, adding value through data-driven decision-making capabilities.
Conclusion
Raft represents a significant leap in logistics technology, leveraging AI to mitigate traditional challenges in freight forwarding. By automating extensive logistical processes, Raft enhances operational efficiency while offering powerful data analysis and compliance tools. Its continued commitment to technological innovation and strategic growth positions it as a frontrunner in the logistics industry, offering valuable solutions to freight forwarders and positioning itself for further expansion and integration of advanced AI capabilities in global supply chains.