- Navix has raised $5 million in seed funding.
Navix announced that it closed $5 million in seed funding led by several angels and strategic industry investors. And the new funding round will be used to accelerate growth through investments in its product development and expansion of its customer success and onboarding teams.
These increases in overall efficiencies will enable Navix to deliver an even better customer experience, and greater value for its customers, and expand its product features and functionality in the future.
This funding round comes at a time as Navix has gained considerable traction among mid-market and major enterprise logistics companies. Launched in 2021, Navix is utilized by many high-profile companies like Evans Transportation, SunTerra Logistics, and Armstrong Transport Group among others.
The logistics industry saw experienced unprecedented growth in the last few years and companies have been looking for ways to maintain the margins they have achieved. And one obvious area of focus is accelerating cash conversion cycles by streamlining internal processes.
The amount of billable revenue lost to exceptions and errors has been staggering along with how these discrepancies slow down the billing process. Navix utilizes AI/ML to eliminate exceptions and errors rather than simply responding to them after they occur. And 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.
KEY QUOTES:
“This raise is a validation of the overwhelming need for our platform in the logistics industry. 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 The process is tedious, time consuming, and outdated, yet critically important.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.”
— Eric Krueger, co-founder at Navix
“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.”
— Ryan Poynter, vice president of LTL at Armstrong Transport Group
“I am proud to be part of the growth of Navix. 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.”
— Angel investor Tommy Barnes, chief revenue officer at MyCarrier and former president of project44
“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.”
— Rob Estes, an investor in Navix and chairman/chief executive officer of Estes Express, which is the largest privately held freight transportation company in North America
