May 14, 2018
Singapore-based transport management startup VersaFleet is set to expand its presence across Asia and boost its artificial intelligence (AI) capabilities after securing S$2.8 million ($2.1 million) in a pre-Series A round led by Prestellar Ventures.
VersaFleet’s system automates logistics operations and allocates drivers’ route plans more efficiently, saving both time and money, said the company. It claims to automate almost one million delivery/pickup tasks regularly for about 100 companies across Southeast Asia.
The company said its latest funding round was joined by undisclosed angel investors. It plans to use the proceeds to expand across Asia and enhance capabilities of its transport management software-as-a-service offering, it said in a statement.
The company’s transport management system started as a simple code to plan drivers’ routes from point A to B faster. It has since evolved into a system that can schedule, assign, and dispatch jobs in seconds, handle e-signatures to confirm deliveries, provide instant notifications, and track delivery statuses in real-time.
Shamir Rahim, founder and CEO of VersaFleet, claims the startup has been seeing strong growth over the past three years, with annual revenue increasing 350 per cent year-on-year.
“With this new injection of funds and the additional expertise from our investors, we aim to double the size of our team and serve beyond 5,000 drivers worldwide. We are also looking to expand regional operations within Malaysia and Indonesia,” said Rahim.
Previously known as Sypher Labs, VersaFleet was founded in 2012. It is incubated by NUS Enterprise.
Rabindra Shrestha, managing partner at Prestellar Ventures, said VersaFleet’s ability to incorporate AI with human planning is critical in transforming the logistics industry roadmap.
“We see this as the future of logistics and are delighted to work together with Shamir and his team as they expand VersaFleet across Asia, helping more logistic operators to become more productive and efficient,” said Shrestha.
Singapore-based Prestellar Ventures operates a $100-million early-stage venture capital fund to invest at pre-Series A stage in companies in Singapore, Nepal, India, Sri Lanka and the Middle East.
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