Logistics SaaS platform secures funding to further invest in its technology and team
MINNETONKA, Minn., March 28, 2023 /PRNewswire/ — Navix announced today it has closed on a $5 million seed funding round, led by several angel and strategic industry investors. The new capital will be used to accelerate growth through investments in its product development and expansion of its customer success and onboarding teams. The increases in overall efficiencies will allow Navix to deliver an even better customer experience, greater value for its customers, and expand its product features and functionality in the future.
“This raise is a validation of the overwhelming need for our platform in the logistics industry,” said Eric Krueger, co-founder at Navix. “Everyone knows document retrieval and freight audit have been industry headaches for a long time. The process is tedious, time consuming, and outdated, yet critically important. Until Navix, no other company in the industry has successfully addressed the entire process from beginning to end. Some handle the front-end issues such as data collection and classification, but don’t perform audits. Others perform audits in a silo and don’t collect the necessary data or get to the level of granularity needed. The industry needed a network-based platform approach with a more comprehensive, modern, and automated solution. Navix satisfies that need.”
“Navix is sure to have a transformative impact on the logistics industry”
This funding comes as Navix has gained considerable traction among mid-market and large enterprise logistics companies. Founded in 2021, Navix is utilized by many high-profile, highly successful companies, including Evans Transportation, SunTerra Logistics, and Armstrong Transport Group among others.
The logistics industry has experienced unprecedented growth in the last several years, and companies are looking for ways to maintain the margins they’ve achieved. One obvious area of focus is accelerating cash conversion cycles by streamlining internal processes. The amount of billable revenue lost to exceptions and errors is staggering. Just as staggering is how these discrepancies slow down the billing process. Navix uses AI and machine learning to eliminate exceptions and errors, rather than simply responding to them after they occur. This allows their clients to bill customers and pay their carriers more quickly and accurately. Navix uses configurable business rules by customer, carrier, and location to drive automatic resolution.
Customers Accentuate the Value of a Multi-Sided Frictionless Platform”Partnering with Navix for our document retrieval and audit process has created incredible efficiencies for our organization. We have been able to refocus our resources in other areas, specifically on the technological development and sales side of the organization to continue our substantial growth without being slowed down by the back-office processes. Knowing that our invoices are being retrieved timely and audited accurately has allowed us to maintain our focus on driving new business.” said Ryan Poynter, vice president of LTL at Armstrong Transport Group.
Investors Highlight the Critical Need for a Network-Based Platform Across the Industry”I am proud to be part of the growth of Navix,” said angel investor Tommy Barnes, chief revenue officer at MyCarrier and former president of project44. “I see the value of the platform from both sides. The carrier partners receive value, as do the end customers. That’s the essence of the platform model – making sure all sides receive value. Navix understands that too.” Barnes further explains, “Some organizations approach technology in the logistics space as either ‘outside-in’ or ‘inside-out.’ They either have a great idea but don’t understand the industry-specific pain points and operations well enough to get ‘inside’ the circle, or they are industry folks who understand their needs but don’t have the expertise to apply the technology to solve the problem. To be successful, you need a combination of both. Navix has both.”
Rob Estes, an investor in Navix and chairman/chief executive officer of Estes Express, the largest privately held freight transportation company in North America, shares Barnes’ sentiments. “Navix is sure to have a transformative impact on the logistics industry,” said Estes. “They understand their customers’ problems, the value proposition, and how to apply the technology to solve them. Those are the key ingredients to a successful technology provider in the logistics industry, and I’m looking forward to being a part of it.”
About NavixNavix is a modern Software-as-a-Service platform streamlining document retrieval and freight auditing service. Navix enables 3PLs and brokers to automate their processes at scale, increasing their cash conversion cycle and revealing better insights into their freight spend and discrepancies. Navix creates greater profitability through its highly configurable automation triggers, API-first approach for seamless integrations, AI/ML-driven insights, and white-glove auditing services. For more information about Navix, please visit https://www.navix.io.
SOURCE Navix.io, Inc.
