Logistics technology provider Slync secures $24 million in funding to accelerate growth
February 23, 2023
DALLAS and SAN FRANCISCO—Slync.io, the developer of a platform that leverages artificial intelligence (AI) to solve problems that have challenged large shippers for decades, recently secured $24 million of new venture capital funding to accelerate its growth, the company said in a release.
The funding was led by Goldman Sachs, with participation from Blumberg Capital, ACME Ventures, Gaingels, and other existing investors.
“During the COVID pandemic, loaded container ships anchored offshore and empty store shelves showed everyone what happens when the international supply chain breaks down,” said Darren Cohen, partner at Goldman Sachs, in the release. “We believe the Slync platform provides an innovative solution that brings the global logistics industry fully into the digital realm. The value of this technology is significant.”
Slync describes its technology as an easy-to-use system that eliminates repetitive, time-consuming manual tasks while improving visibility for all supply chain stakeholders. The Slync platform consumes, interprets, and standardizes data from different sources as it evolves in real-time and automates related operational processes to improve productivity and service-level reliability. The technology brings together different data types, process automation, and AI that maps to human workflows, the company said.
“Our customers recognize the power and potential of the Slync platform, and our investor partners do as well,” said Slync Chairman and CEO John Urban, in a statement. “Every day, millions of emails, spreadsheets, PDFs, and messages are exchanged as part of the logistics management process, yet most existing systems only capture a fraction of them, and that’s a big, expensive problem. Slync has the technology to finally solve it.”
Slync’s customers include global enterprises and large logistics service providers (LSPs) that are using Slync to “drive massive increases in productivity while simultaneously improving visibility, and gaining better control of inventory in transit for operational teams and customers,” the company said.
Primary product lines include Intelligent Carrier Management, which automates the complete freight booking process for large logistics service providers and shippers; and Intelligent Order Orchestration, which automates order-related processes between core systems of record and standalone tools, such as email and spreadsheets. The platform also powers a suite of configurable business intelligence dashboards that provide real-time transactional performance insights that were previously impossible to obtain, according to Slync.
“Slync’s platform has an operational dimension that drives significant levels of efficiency into complex processes that haven’t really changed in more than 20 years,” added Urban. “We have a number of terrific, very satisfied customers. We will leverage this added financial horsepower to ensure they represent the new class of innovative leaders in the logistics industry.”
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