SPEEDCARGO Technologies get $2.5 million funding from Blue InCube Ventures
Singapore based robotics venture builder Blue InCube Ventures announced that it had closed a $2.5 million seed funding round for Singaporean deep-tech logistics start-up SPEEDCARGO Technologies. The funding was made possible with support from their co-investors of Blue InCube Ventures like Enterprise Singapore Seeds Capital, Lyves Hatcher and other similar value-minded investors.
SPEEDCARGO offers a suite of robotics and AI technologies for optimizing yield and increasing productivity in the logistics industry. Its suite of products for digitization, optimization, and automation reduces revenue leakage, maximizes operational efficiency, and improves productivity and business performance.
The company’s solutions are currently being deployed in the $116 billion airfreight industry. While this industry has been traditionally slow in adoption of new technologies, this is where SPEEDCARGO is uniquely poised to help drive this industry transformation across warehousing, freight forwarding, trucking, ground handling and logistics.
Venture builder and commercialisation partner of innovative robots and robotics data analytics venture Blue InCube in its announcement further stated, “Blue InCube venture building operations look forward to value-add and support SPEEDCARGO's goal of transforming the air freight logistics industry with industry leading suite of integrated solutions CargoEye, CargoMind+Assemble and CargoArm for optimising yield and increasing productivity for key players within the industry value chain from the global airport ground handlers, airlines, freight forwarders and shippers.”
In February this year SPEEDCARGO announced collaboration with Microsoft’s Azure Depth Platform programme to disrupt the air cargo and logistics industry with advanced 3D vision technologies. In this collaboration, the start-up leverages advanced 3D sensing technologies by Microsoft in its artificial intelligence and robotics solutions.
Interestingly, SPEEDCARGO was founded in 2015 and funded by the Civil Aviation Authority of Singapore (CAAS) and mentored by the Singapore Airfreight ecosystem, to develop a proof-of-concept technology for automation in the air cargo and logistics space.