Tech Startup Secures Over $6 Million to Unlock Ubiquitous Supply Chain Insights
WASHINGTON, Sept. 23, 2024 /PRNewswire/ — Freight brokers face two significant challenges when moving freight by truck: fragmentation and fraud. Trucking is one of the most fragmented industries in the U.S., with millions of trucks crisscrossing the nation’s highways daily. Securing the right truck at the right time remains a legacy problem, exacerbated in recent years by the sharp rise in fraud and theft from posting loads on public load boards.
Virginia-based GenLogs is tackling both issues by developing a nationwide network of roadside sensors that passively collect data on truck movements and extract key details, such as the U.S. Department of Transportation (USDOT) and motor carrier (MC) numbers, as well as the equipment types and logos – all in real-time. This approach provides comprehensive, end-to-end visibility of trucks without the need for hardware installation, device integration, or an app. The data is available via a user interface or ingestible via API for access in a freight broker’s transportation management system (TMS).
Investors see the significant impact GenLogs can have on the U.S. supply chain. In April, GenLogs closed a seed round led by Autotech Ventures and Steel Atlas with participation from Venture53, TitletownTech, Plug and Play Ventures, BBQ Capital, ASC Ventures, and JHH Ventures. GenLogs has raised more than $6 million and plans to use this funding to expand its sensor network and a suite of computer vision models to provide customers with an omniscient view of the transportation industry.
“We’ve never seen logistics software with such strong market demand,” said Burak Cendek, partner at Autotech Ventures. “Our network is eager to use GenLogs, discovering new use cases as they go. This ‘god view’ is disruptive enough to render legacy platforms obsolete. Building this platform from scratch showcases GenLogs’ exceptional execution, and we’re excited to be a part of this rocket ship journey.”
Freight brokers can seamlessly access comprehensive data through GenLogs’ intuitive Freight Intelligence platform. Launched just two months ago, it is already used by five of the top 10 U.S. freight brokerages, carriers, and mid-market customers via a SaaS subscription model. The data provides real-time insights into available trucking capacity so 3PLs can secure the right truck at the right place and time with the perfect equipment match in need of a backhaul.
The platform has been widely praised for its effectiveness in securing truck freight. As one user described, “It’s like playing a video game on ‘god mode’—a true cheat code for 3PLs. We have been able to significantly reduce our reliance on load boards where fraud is rampant. Soon, you won’t be able to compete as a broker without GenLogs.”
The GenLogs team has deep roots in tracking and locating. Its three co-founders spent decades in the U.S. intelligence community tracking terrorists, and now they track trucks.
“The entire market wants comprehensive data on all truck patterns, but placing sensors on four million trucks is a pipe dream,” said Ryan Joyce, CEO of GenLogs. “Using a proprietary roadside sensor network enables us to collect all that same data on the four million trucks without needing their permission.”
GenLogs’ board member, Talal Attieh of Steel Atlas, stated, “GenLogs has developed the world’s most robust freight intelligence platform that fundamentally changes how freight brokers, carriers and shippers operate across the U.S. Their technology provides essential visibility into real-time trucking needs. GenLogs’ mission aligns directly with our thesis of eliminating volatility across the industrial value chain.”
“We initially worked with GenLogs for specific use cases – such as asset recovery – but are now exploring additional opportunities that could positively impact revenue,” said Daragh Mahon, EVP and CIO of Werner Enterprises. “Their centralized data platform is unlike anything in the industry, helping us reduce costs and optimize operations by providing improved data on freight patterns and potential capacity. GenLogs combats fraud and drives operational efficiency, offering real-time tracking of niche equipment and direct connections with carriers. The ROI potential is significant.”
In addition to offering valuable insights into truck carriers, GenLogs provides unique visibility into more than 250,000 shipper locations, their lanes, and load volumes. This provides freight brokers with the critical data needed to engage and secure new business while ensuring customers have access to a reliable and expansive trucking network to manage increased demand.
Through its Asset Locator, GenLogs acts as a safety net by enabling alerts for missing or stolen trucks or trailers, helping reduce fraud and theft. This feature recently helped a trucking company recover over 200 stolen or missing trailers within just two months of joining the platform.
For more information about GenLogs, please visit www.genlogs.io or email [email protected]
SOURCE GenLogs
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