Logistics software provider Alvys announced Monday it has closed its Series A with $20.5 million in funding led by Titanium Ventures, with participation from Picus Capital and existing investors RTP and Bonfire. The company is looking to continue to develop its current offerings and support customer growth. Alvys has raised about $30 million to date.
Nick Darman, founder and CEO, told FreightWaves in an email Alvys is prioritizing its development in less-than-truckload and cross-border offerings, API endpoint development, and electronic data interchange automation.
The software provider currently offers load matching, quote generation, document management and other back-office workflows for dispatching and managing assets. It also offers open API connections for customers to integrate accounting software and recordkeeping technology.
“By continuously innovating and expanding our platform’s capabilities based on client feedback, we envision Alvys leading the way in automated, AI-driven logistics solutions that enhance productivity, profitability and customer satisfaction across the industry,” Darman said.
He also discussed some of the company’s customers and the workflow efficiencies Alvys has helped them achieve. For example, Bear Down Logistics saw load creation times down 12 minutes on average and PBJ Express reported over $120,000 in overhead expense savings.
“We’ve been experiencing rapid customer growth, and our customers are growing as well. Based on a large sample of Alvys users, the average customer increased their load volume by 22% in four months and 29% in six months after going live with our platform based on an aggregate of customers taken this month,” he explained.
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“In an industry filled with older, legacy technology and one that faces regulatory changes, it is harder than ever to be in the freight space,” Saad Siddiqui, general partner at Titanium Ventures, said in the release. “We are thrilled to announce our investment in Alvys and contribute to their mission in revolutionizing the freight industry.”
Renaissant lands $5M
Milwaukee-based Renaissant closed a $5 million Series A round Monday after receiving support from industry investors and customers. The company provides workflow enhancements for warehouse, yard and asset management operations.
TitletownTech led the round with participation from Interlock Partners, Venture 53, Perot Jain and NFI Ventures, the venture arm of NFI Logistics.
“NFI is committed to enhancing efficiency through innovative software solutions that optimize our warehouse and trucking assets. The NFI Ventures team recognized the opportunity to invest in Renaissant and leverage the data and insights across our operating systems to elevate support to our customers,” Aaron Brown, chief of staff at NFI, said in the release.
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The company also works with AllianceTexas, a 27,000-acre development in North Texas developed by Perot Jain, a venture firm founded by Ross Perot Jr. and Anurag Jain. The Alliance Global Logistics Hub, which includes Fort Worth Alliance Airport, houses operations for over 560 companies.
“This synergy not only enhances operational efficiency but also strengthens the resilience of our customers’ logistics operations here in AllianceTexas through cutting-edge technology,” said Ian Kinne, director of Logistics Innovation at Hillwood, the real estate development company founded by Ross Perot Jr. that oversees AllianceTexas and other major Perot projects.
Brief Bytes
On Thursday, mobile truck parking app Trucker Path announced it is partnering with Truck Parking Club and adding it to its partner marketplace. Included in that marketplace are other solutions for trucking companies, including repair solutions and CDL school providers. This new alliance will give more parking options for drivers using Trucker Path in over 30 states.
Refrigerated carrier Leonard’s Express announced Tuesday it has partnered with Optimal Dynamics to enhance driver experience and asset utilization through advanced load acceptance and dispatch optimization software. This collaboration enables Leonard’s Express to leverage Optimal Dynamics’ artificial decision intelligence for planning, maximizing asset performance and profitability.
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