Navix, a Minnetonka, Minn.,-based logistics SaaS platform, announced that it closed a $5 million seed funding round led by several angel investors and strategic industry investors.
The new funds will be used to accelerate growth through investments in product development and the expansion of its customer success and onboarding teams.
"This raise is a validation of the overwhelming need for our platform in the logistics industry," said Eric Krueger, co-founder at Navix. "Everyone knows document retrieval and freight audit have been industry headaches for a long time. The process is tedious, time consuming, and outdated, yet critically important. Until Navix, no other company in the industry has successfully addressed the entire process from beginning to end. Some handle the front-end issues such as data collection and classification, but don't perform audits. Others perform audits in a silo and don't collect the necessary data or get to the level of granularity needed. The industry needed a network-based platform approach with a more comprehensive, modern, and automated solution. Navix satisfies that need."
Navix uses AI and machine learning to eliminate exceptions and errors, rather than simply responding to them after they occur. This allows their clients to bill customers and pay their carriers more quickly and accurately. Navix uses configurable business rules by customer, carrier, and location to drive automatic resolution.
Company: Navix.io Inc.
Raised: $5.0M
Round: Seed Round
Funding Month: March 2023
Lead Investors: Undisclosed
Additional Investors:
Company Website: https://www.navix.io/
Software Category: Logistics Software-as-a-Service Solution
About the Company: Navix is a modern Software-as-a-Service platform streamlining document retrieval and freight auditing service. Navix enables 3PLs and brokers to automate their processes at scale, increasing their cash conversion cycle and revealing better insights into their freight spend and discrepancies. Navix creates greater profitability through its highly configurable automation triggers, API-first approach for seamless integrations, AI/ML-driven insights, and white-glove auditing services.
Source: https://www.prnewswire.com/news-releases/navix-raises-5-million-in-seed-funding-301782397.html