Raft, formerly Vector.ai, applies AI to automate tasks and customer interactions for freight forwarders and customs brokers. Founded in 2017, the company rebranded its machine-learning technology as AI and says it began by addressing accounts payable reconciliation and customs entry preparation before expanding into warehousing and booking confirmations. Raft also offers a customer-facing shipment portal that enables sharing of internal and third-party data, multisource container visibility, emissions reporting, and quote-to-book. The company lists customers including EMO Trans, OIA Global, The Scarbrough Group, NNR Global Logistics and Navia Freight. It has offices in the U.K., India and the U.S., and is led by CEO and co-founder James Coombes. Raft has closed a $30M Series B. Vector.ai provides a machine-learning platform designed to automate repetitive administrative tasks for freight forwarders, such as searching customer emails and coordinating shipment documentation. The company says its automation lets employees focus on higher-value activities amid staffing shortages, wage increases, and pandemic- and Brexit-related disruptions. Its customer roster includes Fracht, EFL, NNR Global Logistics, The Scarbrough Group, Steam Logistics and Navia Freight, along with other top-10 freight forwarders. Vector.ai raised $15 million in a Series A led by Bessemer Venture Partners and plans to use the funding to accelerate international expansion. Bessemer characterized Vector.ai as an early leader in freight-forwarding workflow automation and digitization tools. The company competes with startups such as Shipamax, RPA Labs and slync.io.

Total raised

$45M

Funding rounds

2

Latest round

Series B

Latest activity

Jul 2023