Freight technology company Loadsmart has acquired the computer vision platform provider NavTrac, saying the move extends Loadsmart’s artificial intelligence (AI)-based platform to yards, docks, terminals, and asset management.
Los Angeles-based NavTrac says it uses a combination of machine learning, optical character recognition, AI tools, and third party hardware and software to capture live videos of trucks and containers, automatically extracting alphanumerics, document equipment, detecting damages, and timestamping events for incoming and outgoing trucks and containers.
According to Loadsmart, the acquisition expands its solutions to offer a digitized and automated way to manage inventory and track assets, increasing the logistics efficiency of intermodal service providers, container/storage yards, asset-based carrier’s truck yards, and warehouse operators.
"Computer vision can automate inbound/outbound facility traffic, identify damages in trucks and containers, and enhance yard and terminal visibility by generating virtual yards based on cameras. It can track what trucks, trailers and containers are currently moving in any given highway at any given point, without any need for system integrations. This acquisition aligns perfectly with our mission to provide innovative solutions that drive efficiency and value for our customers," Felipe Capella, CEO of Loadsmart, said in a release.
Terms of the deal were not disclosed, but in 2022, Chicago-based Loadsmart landed $200 million in a “series D” venture capital round, saying it planned to use the backing to rapidly expand its technology offerings. Loadsmart currently offers transportation services like managed transportation and brokerage, and software solutions like ShipperGuide, Opendock, and CarrierTMS to shippers, warehouses, and carriers respectively.