Having built and sold the Deliverer E -Commerce to Shopify for $ 2.1 billion in 2022, co -founder and CEO Harish Abbott is well aware of the logistics industry.
Abbott believed that many manual duties in logistics could be automated using AI. That is why last year he started Augment, which offers an AI assistant called “Augie” who can undertake a tiring and repetitive work performed by trucks, carriers and brokers.
On Thursday, Augment announced that it has increased a series of $ 8 million, led by Redpoint, with 8VC, Autotech Ventures and more. The huge round comes just five months after the start starting from Stealth with a high $ 25 million seed round.
“Freight and logistics is a very large industry that employs many people who are busy hunting emails, documents, phone calls, text messages all day,” Abbott told TechCrunch. “Augie can take care of all this as his own personal assistant so that they can focus on relationships and negotiations.”
Today, Augie can perform seven basic duties in the logistics process, from collecting and revising pricing bids by truck companies and monitoring packages on the way, loading loading – the method of combining multiple shipments to maximize truck space – and pricing documentation.
All of these procedures usually include numerous telephone calls, emails or texts exchanged between various participants in the logistics process. Augie can help people rationalize these communications by working on multiple channels such as voice, email, relaxation, sms and telegram.
While Augment does not reveal its revenue, Abbott says the company has more than doubled the number of customers serving its seed growth.
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Although many customers still test the product, fully boarded customers such as Armstrong Transport Group
Jacob Effron, chief executive at Redpoint, said he invested in Augment after talking to several Augment customers. “Customer feedback is honestly amazing. People really love the product. I think they use it with quite ubiquitous.”
The big round of funding will proceed to hiring 50 engineers and then work to add more features. “It’s a big, fragmented market. It’s complicated. It’s dirty. The systems are a bit archaic and siled,” Abbott said. “We must have many engineers because there are many software systems used by these companies.”
The company currently serves the truck industry, but its long -term vision is to expand to international shipping and other aspects of the logistics.
Abbott is not alone in the pursuit of AI on logistics. Other AI assistants for goods management include Vooma and Fleetworks. Meanwhile, Giants FedEx and UPS maritime have marked that they are investing in private AI technology.
But all the Abbott phase competition. “We have huge adoption,” he said. “Augie does really cool things. Augie really thinks ahead and logical as a human being and acts on him, so he saves everyone a lot of time.”
