Built and sell e-commerce shipping start-up Shopify’s $2.1 billion In 2022, co-founder and CEO Harish Abbott has a good understanding of the logistics industry.
Abbott believes that using AI can automate many manual tasks in logistics. That’s why he launched Augment last year, offering an AI assistant called “Augie” that can take over the tedious and repetitive work done by freight shippers, carriers and brokers.
On Thursday, Augment announced it raised $85 million Series A, led by Redpoint, from 8VC, Autotech Ventures and more. The massive round is five months after the startup starts with a massive $25 million seed round.
“Freight and logistics are a very large industry, hiring many people who are busy chasing emails, documents, phone calls, text messages all day long.” “Augie can take care of like her own personal assistant,,,,, Therefore, they can focus on relationships and negotiations. ”
Today, Augie can perform seven critical tasks in the logistics process, from collecting and reviewing trucking companies’ pricing bids and tracking packaging on the way to building loads, which is a way to combine multiple cargo to maximize truck space and collect invoice documents to ensure timely billing.
All of these processes usually involve many phone calls, emails, or texts exchanged between individual participants during the logistics process. Augie can help humans simplify these communications by operating across multiple channels such as voice, email, Slack, SMS, and Telegram.
Although Augment has not disclosed its revenue, the company’s number of customers has more than doubled since the seed round, Abbott said.
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Although many customers are still trying the product, fully-starter customers like the Armstrong Transport Group have already achieved huge productivity gains in the amount of enhancements, such as a 40% reduction in invoice latency.
Redpoint Managing Director Jacob Effron said he invested in enhancements after talking to many Augment clients. “Honestly, customer feedback is amazing. People really love the product. I think they use it in a ubiquitous way.”
The large funding round will be used to hire 50 engineers and then work hard to add more features. “It’s a large, fragmented market. It’s complex, it’s messy. The system is a little old and isolated,” Abbott said. “We have to have a lot of engineers because these companies use a lot of software systems.”
The company is currently serving the trucking industry, but its long-term vision is to expand to other aspects of international transportation and logistics.
Abbott is not alone in pursuing AI for logistics. Other AI assistants for freight management include Vooma and Fleetworks. Meanwhile, transportation giants FedEx and UPS said in revenue calls that they are building assistants to facilitate freight.
But all the games have no stages Abbott. “Ohgi really is really cool. Ohgi really is thinking, reasoning and acting like humans, so it can save a lot of time.”
