Singapore-headquartered transportation technology startup Portcast has announced raising $6.5 million in its Series A funding round anchored by Susquehanna Asia VC, the Southeast Asian and Indian venture capital arm of Susquehanna International Group of Companies.
The startup said it will use the proceeds to invest in generative AI technology, which will allow it to provide global clients with real-time transportation visibility and predictive analytics.
The latest round, which follows Portcast’s $3.2-million funding in 2021, was backed by Hearst Ventures, Signal Ventures, and existing investors Wavemaker Partners, TMV, and Innoport.
Incorporated in 2017, Portcast processes over 5 million data points daily from over 370 carriers, 800 ports, geolocation data from satellite and terrestrial sources, voyage and risk data, as well as data from documents, invoices, and ERP systems, per the announcement.
Its clients include shippers, logistics service providers, and TMS systems, including AIT Corp, Sumitomo Warehouse, MPG Group, Otentic Customs, FreshCo, and Wilo Group.
The company also recommends alternate actions to enable shippers and logistics service providers to improve productivity, operational costs, and carbon emissions in transportation.
Portcast plans to expand into key markets across Asia Pacific and Europe and strengthen integration with its technology partners, according to the announcement.
Portcast posted $0.93 million in revenues in 2022, up from $0.48 million a year earlier. Its losses, however, increased to $0.97 million, in 2022 from $0.68 million in 2023, according to regulatory filings accessed by DealStreetAsia – DATA VANTAGE.