Expedock, a Philippine-founded AI-based outsourcing services provider for logistics and freight players, has announced raising $13.5 million in Series A funding that will further expand its foothold in North America.
Originally, Expedock was founded by Stanford University graduates King Alandy Dy and Rui Aguiar to provide services to the Philippine logistics industry. It raised $1.15 million in its pre-seed funding on October 7, 2020, led by Liqing Zheng, the co-founder of Tencent Holdings.
As the company grew, the co-founders noticed that there was a high demand for Expedock’s services in North America. There was also massive demand from some New York-listed companies that skyrocketed and propelled the company forward.
Even as the Philippine logistics industry was expected to become a $21-billion market by 2023, Expedock’s co-founders decided to move the company’s headquarters to San Francisco, California and shifted its market focus to North America.
Its clients include Ascent, CEVA, Wayfair, and Jusda, which does all the logistics for Foxconn and some for Tesla, NVIDIA, and others.
Its Series A funding round was led by global software investor Insight Partners and participated by Motion Ventures and existing investors Per and Neo. Executives from Project 44, Salesforce, Meta, eBay, and Clearmetal also chipped in.
The round will be used to expand Expedock’s team to allow supply chain businesses to more efficiently understand and operationalize their data at scale, according to the announcement.
“Expedock is reinventing how supply chain businesses are able to harness their own data. Given our 600% growth this past year, we are going to do even better by bringing on engineers to expand our use-cases and our account executives to support more customers,” said Dy, the company’s co-founder and CEO.
Expedock uses AI to transform paper documents into data, quickly classify them, and bring them into existing freight forwarder tools. It also automates invoices and statements of accounts to ensure on-time payment to vendors.
The company said tens of thousands of freight containers are now being moved internationally via Expedock every week.