Slync.io announced that it has secured $24 million of new venture capital funding, led by Goldman Sachs, with participation from Blumberg Capital, ACME Ventures, Gaingels, and other existing investors.
"Our customers recognize the power and potential of the Slync platform, and our investor partners do as well," said John Urban, Chairman and CEO of Slync. "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."
"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. "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 in our opinion."
The Slync platform collects, interprets, and standardizes data from different sources as it evolves in real time and then automates related operational processes. The technology brings together different data types, process automation, and AI that maps to human workflows. The aim is to eliminate repetitive, time-consuming manual tasks while improving visibility for all supply chain stakeholders.
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 automates order-related processes between core systems of record and standalone tools such as email and spreadsheets. The platform also powers a robust suite of configurable business intelligence dashboards that provide real-time transactional performance insights previously impossible to obtain.
"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."
While declining to identify current users, Slync says several global enterprises and large logistics service providers will be making separate announcements about their successful use of the technology in the coming months.
Slync will showcase its technology at the annual TPM conference, taking place February 26 – March 1, 2023 at the Long Beach Convention Center.
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