Announces two AI-powered modules, Contract Amendment Guard and Invoice Audit, to optimize supply chain performance, provide time and cost savings, and improve data accuracy.
NEW YORK, June 11, 2024 – Ship Angel Inc., a transformative AI-native platform for international shippers, has secured $5M in funding co-led by Glasswing Ventures and newark venture partners (nvp), with participation from Bienville Capital, Socii Capital, and Plug and Play. This capital supports the expansion of Ship Angel’s ocean and air freight Rate Management Platform, including the launch of two groundbreaking AI-powered solutions designed to optimize beneficial cargo owners’ (BCOs) workflows. The solutions were unveiled today at the Plug and Play Silicon Valley June 2024 Summit.
The impact of the global cargo shipping market is massive and far-reaching. According to Allied Market Research, the industry’s total volume is projected to grow 7% annually and reach $4.2 Trillion by 2031. However, despite the critical nature of managing and selecting freight shipping rates, these workflows continue to be a manual process of inputting and re-adjusting data, leaving room for substantial human error. In today’s volatile market, BCOs experience a higher-than-average 30% error rate on invoices, resulting in millions of dollars lost.
Ship Angel’s two new products, Contract Amendment Guard and Invoice Audit, provide essential automations to the rate management process and provide substantial improvements to BCOs’ bottom lines. Amendment Guard serves as a central line of communication between carriers/forwarders and shippers to identify the changes on every surcharge, free time change, and transit time change. Additionally, with Ship Angel’s AI-Powered Invoice Auditing, BCOs can store bookings in a digital environment where they are matched with exact dates (e.g., sailing or received on terminal) and actual rates. The AI flags inconsistencies, reducing the error rate and saving countless hours of manual labor.
“BCOs are among the most underserved global shipping segments when it comes to modern, high-quality logistics technology,” said Graham Parker, Co-founder and CEO of Ship Angel. “The shipping industry has reached a pivotal moment where complexity, unpredictability, and cost have skyrocketed and are unmanageable using spreadsheets. Ship Angel addresses these challenges head-on with innovative AI-native SaaS solutions that deliver significant value in efficiency, supply chain performance, and data accuracy. We are excited to have the backing and expertise of Glasswing Ventures and Newark Venture Partners as we scale the business and accelerate the development of innovative solutions that revolutionize the BCO product suite.”
“Ship Angel’s best-in-class AI-native software, industry expertise, and focus on delivering an exceptional user experience will set a new standard for the global digital shipping industry,” said Rudina Seseri, Founder and Managing Partner of Glasswing Ventures. “The team recognizes first-hand the biggest headaches in the industry and has a strong plan for how to leverage AI to positively impact the day-to-day work of BCOs.”
Thomas Wisniewski, managing partner for nvp said, "Ship Angel's AI rate management platform represents a significant leap forward in providing transparency and control at the rate card level. By empowering BCOs and shippers to directly engage with ocean carriers, Ship Angel is revolutionizing how logistics operations are managed, paving the way for a more efficient and collaborative shipping ecosystem."
