- Wisor AI announced it raised $8 million in funding. These are the details.
Wisor AI – an advanced freight booking software solution – announced it has raised $8 million in a seed funding round led by Team8. This funding round will expedite Wisor’s mission to digitize the global supply chain industry and empower freight forwarders to plan, price, and book a shipment in seconds instead of hours or days.
Wisor has developed a software solution tailored specifically to the needs of freight forwarders themselves – the ones servicing the majority of freight volume today. And Wisor’s plug-and-play solution automate both the cumbersome, manual process of aggregating pricing data as well as the optimization of shipping routes across the global freight ecosystem, including airlines, ocean liners, trucking, and rail companies. This enables freight forwarders to do more with less, improving response rates and freeing capacity to grow their business.
Along with pricing automation, Wisor’s advanced algorithms continuously optimize pricing in the background – even after the booking has been placed – presenting further opportunities for freight forwarders to cut costs and improve their margins. Wisor’s platform provides its global customers with a one-stop solution that organically integrates into their existing systems and workflows. By digitizing routing, pricing, and quoting, the platform would also be able to extend to additional value-added services such as payments, financing, and insurance.
The opportunity for transforming the freight forwarding market is massive. And there are roughly 300,000 freight forwarders globally, including 100,000 in the US alone, handling $23.3 trillion in goods delivered to consumers.
Wisor’s funding round also included participation from Ocean Azul and Hico Investment Group, as well as pre-seed investors fresh.fund, Atooro Fund, The Dock, Seed IL Ventures, and Izaki Ventures.
KEY QUOTES:
“As an entrepreneur, I am fascinated by traditional industries that still heavily rely on manual processes and legacy tools. The complexity of supply chain management has become pronounced in recent years due to global disruptions caused by COVID-19. Wisor found a way to digitize this industry without requiring freight forwarders to fundamentally change the way they operate today, making the adoption seamless, while enjoying the benefits of digitization.”
— Raz Ronen, CEO and Co-Founder of Wisor AI
“Team8 is excited to lead the seed funding round for Wisor AI in order to support their mission to bring the supply chain into the digital era. With a clear vision to offer an end-to-end solution for all freight forwarding processes, Wisor is uniquely positioned to become a key player in this large, highly fragmented and increasingly complex industry. We are looking forward to working with Raz, Eiran, Ido and the Wisor team, who bring years of expertise in supply chain management, machine learning, data and AI to the table.”
— Hadar Siterman Norris Partner at Team8 Capital
