Velostics, Inc., an enterprise Software-as-a-Service (SaaS) company specializing in automating inbound logistics at industrial facilities, such as terminals, plants and warehouses, today announced it has raised $2.5 million to accelerate its growth. The round was led by Flyover Capital with participation from Small Ventures USA, Cultivation Capital, Starboard Star, Congress Avenue Ventures and BioUrja Ventures. The company is looking to use the funds to acquire top talent across revenue driving functions, including: account management, inside sales, and marketing. Additionally, the company’s AI-driven product innovation will continue at a fast pace to reduce the impact of driver shortages, congestion and delays due to manual scheduling and receiving processes, speed up throughput and improve gate-to-gate performance.
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“Flyover is incredibly excited to support the Velostics team in their mission to transform inbound logistics,” said Keith Molzer, Managing Partner at Flyover Capital. “This segment of the supply chain is ripe for better technology to address challenges of congestion, driver labor shortages, and the growing demands of ecommerce. Gaurav and team are an exceptional group of entrepreneurs ready to drive efficiency and a better customer experience at industrial facilities.”
Velostics works with 3PLs, manufacturing plants and bulk terminals to solve problems around inbound truck scheduling, check-in, and loading/unloading. Facilities deploying Velostics see an approximate 90% reduction in scheduling costs, 60% reduction in time to manually check in upon arrival and get to the right door, 7% improvement in gate-to-gate time and throughput, as well as significant customer support cost reduction. The solid value demonstrated by the Velostics solution for current customers is enabling the capture of the $37B inbound logistics management market, which is separating from the warehouse and yard management space.
Gaurav Khandelwal, founder and CEO of Velostics said, “Idling trucks waiting outside facilities emit over 42M tons of CO2 annually, 8x the US national average. By orchestrating the movement of trucks in and out of facilities, not only do we provide tremendous supply chain benefits – we also help the environment. Given that logistics is now 10% of global GDP, growing 5%+ CAGR every year, supply chain disruption is here to stay unless we tackle it aggressively. We’re excited to partner with our customers and our investors to solve global congestion.”
To learn more about Velostics, please visit velostics.com.
Velostics is a logistics and supply chain enterprise Software-as-a-Service (SaaS) company specializing in automating manual and paper-based truck scheduling, check-in and order entry processes for terminals, warehouses and plants. The Velostics® AI platform automates communication between carriers and facilities systems and logistics teams to schedule, check-in, and load vehicles faster and error-free. The location-specific Velostics Pass™ technology and QR code enables required shipment data to be exchanged contactlessly and eliminates delays and paperwork from check-in, shipping and receiving process. Velostics solutions have a proven track record of minimizing delays and demurrage, reducing errors, and increasing operational efficiency and throughput so that companies may achieve strong ROI in just a few months. To learn more, please visit www.velostics.com.
Flyover Capital is a venture capital firm whose mission is to empower the next generation of technology leaders outside of the traditional tech hubs of Silicon Valley and the Northeast. Founded in 2014, Flyover Capital invests in early-stage technology opportunities located in “flyover country” of the United States. Flyover Capital collaborates with entrepreneurs, corporations, universities, and venture capital firms who are transforming the heartland’s largest industries through technology. Flyover Capital has partnered with Montage Investments, an operationally oriented investment firm specializing in alternative investments. For more information, please visit www.flyovercapital.com.
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