Raft, the intelligent command center for freight forwarders (formerly known as Vector.ai), today announced their inclusion in the 2023 Top Tech Startup award from Food Logistics. The award highlights the industry’s top software and technology startups, focusing on companies who are providing new innovations, user experiences, and creating an avenue for a more efficient supply chain.
“This recognition cements the work we are doing to automate the tasks that delay the people driving our global supply chain,” said James Coombes, CEO, Raft. “Our platform simplifies every piece of a forwarder's business, ultimately cutting costs, standardizing operations, and allowing them to serve their customers more efficiently and effectively.”
Raft’s intelligent platform automates the processing of data throughout the shipment lifecycle; from bookings to accounts payable workflows. Currently, Raft’s platform handles over 1.3 million shipment documents per month and is used by thousands of users in over 20 countries spanning Europe, Asia and the United States. Raft’s platform has been able to save customers an average of $2.1 million per year.
“When companies can automate their entire shipment process, it allows them to free up financial resources and manpower that can be used in other aspects of their business, like core customer service” added Coombes. “We meet forwarders wherever they are in their digital transformation.”
Raft deploys industry leading AI while also providing detailed and advanced visibility and tracking capabilities on each shipment. Specifically, their core product offerings include automation across forwarders’ accounts payable, customs clearance, freight operations, and sales functions.
Winners of the inaugural Top Tech Startups award operate within a variety of different market sectors, however AI-powered automation and real-time transportation visibility make up a majority of the winners (35% and 33%, respectively) and bring in $1 million to $20 million-plus in revenue per year.