Raft matures from Vector.ai and broadens its product offering to become an intelligent freight forwarding platform, spurred by 200% revenue growth in 2022 and significant adoption with some of the leading forwarders in the world
Vector.ai announced that the company is rebranding under the name Raft. The name change to Raft emphasizes their evolution to a comprehensive operational platform for freight forwarders.
Since 2017, when launched as Vector.ai, the company has delivered industry-leading AI to automate document and email processing for freight forwarders. While AI for automated document and email processing remains at the core of the company’s technology, the rebrand to Raft points towards the greater need for forwarders to have a single platform for their day-to-day workflow.
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“Raft’s purpose is to help forwarders optimize their whole shipment process, across the entire lifecycle.Yes, we use the industry’s leading AI implementation in our platform, but we now provide much more capability on top of each shipment, like emissions visibility, which allows our forwarding and brokerage customers to provide ever-better service to their end-customers on the back of the standardization we already provide. It’s a really powerful concept that has resonated with our customer-base,” said James Coombes, CEO, Raft.
“Our global ambition is to understand every event of every shipment, to automate everything, and this rebrand – and the mindset that goes with it – is another step towards that mission.”
On average, Raft currently saves forwarders over an hour per shipment across their platform’s product offerings, helping their customers save in excess of $2.1 million in net workforce productivity every year. Multinational forwarders naturally achieve far greater savings. Meaningful impact which is helping to carve out their position as the foremost – and only – intelligent operating platform for the industry.
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