Velostics’ cloud based solution helps shippers reduce costs and increase efficiency
Velostics, Inc., a software-as-a-service (SaaS) company specializing in unified scheduling, has announced it raised $1.95 million in a seed+ round to expand its platform and reach even further with shippers across the supply chain. The company defines unified scheduling as the orchestration of inbound and outbound truck scheduling for shippers across their supply chain from vendors to end customers.
Unified scheduling is important as research shows manual scheduling costs brokers up to $15 per shipment and shippers up to $50,000 per facility due to detention costs, labor inefficiencies, and increased freight costs. There are 800 million shipments nationwide – most are scheduled manually.
Gaurav Khandelwal, Founder and CEO of Velostics said: “Scheduling is a major headache for all parties focused on reducing cost and delivering on high customer expectations – our solution is designed to go live in 1 day with no apps required”. He further added they are excited about partnering with carriers, brokers and freight forwarders providing them unified inbound/outbound scheduling from manufacturing floor to distribution center through final warehouse for all parties involved.
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Mark Barineau, Co-Founder and Managing Partner at Starboard Star Venture Capital said: “We are delighted with the continued success Velostics has shown in terms of growth and the impact it is having on its existing client base”.
The round was led by current investors Starboard Star with participation from Flyover Capital, Small Ventures USA and new investor Capital Mazapil. Velostics will use these funds to grow their network of shippers and their brokers, freight forwarders and 3PL providers.
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Keith Molzer, founding partner at Flyover Capital added, “At a time where costs are increasing, Velostics has a proven solution that brings real cost savings and more importantly, increased capacity to manufacturing facilities, warehouses and fuel terminals.”