Alvys Secures $20.5M to Accelerate Freight Tech

Freight tech just got a stimulus boost. Alvys, a logistics software provider, has scored $20.5 million in Series A funding from Titanium Ventures, with participation from Picus Capital and current investors RTP and Bonfire. Here are some points to note:

• Titanium Ventures led the round
• Total funding to date: $30 million
• Focus: LTL, cross-border offerings, API development

What is Alvys All About?

• Load matching
• Quote generation
• Document management
• Dispatching and asset management

The Big Vision

Nick Darman, Alvys founder and CEO, has his eyes on the prize:

"We envision Alvys leading the way in automated, AI-driven logistics solutions that enhance productivity, profitability and customer satisfaction across the industry."

Customer Success Stories

• Bear Down Logistics: 12-minute reduction in load creation times
• PBJ Express: $120,000 saved in overhead expenses

Rapid Growth

According to the company, the average Alvys customer sees:

• 22% increase in load volume after 4 months
• 29% increase after 6 months

Industry Challenges

Saad Siddiqui from Titanium Ventures spoke on the the matter when it pertains to the industry working with the old, while transitioning into the new:

"In an industry filled with older, legacy technology and one that faces regulatory changes, it is harder than ever to be in the freight space."

If you would like to hear more about Alvys, we have an interview with the Founder & CEO, Nick Darman, Co-Founder & CTO, Leo Gorodinski, and the VP of Marketing, Ava Barnes, on our podcast. You can watch it here.

Source: FreightWaves