Venture fund Tiger Global has led a $5 million investment into predictive spot truckload pricing vendor Greenscreens.ai, the software provider said Tuesday, a signal that demand from logistics providers for accurate pricing data has increased due to volatile freight market conditions.
The investment comes 10 months after Florida-based Greenscreens.ai raised a seed round, also led by Tiger Global. Founded in 2020, the company focuses on narrowing the pricing advantage that digitally native freight brokers, as well as those that have spent capital developing internal predictive pricing algorithms, have over incumbent brokers.
Greenscreens.ai’s customer list has grown to 70 brokers, including Yellow Logistics (the brokerage division of less-than-truckload carrier Yellow), Gampac (a broker acquired in 2018 by shipper US Foods), Primo Logistics, Giltner Logistics, and R2 Logistics.
Greenscreens.ai said in a statement it focuses on giving brokers “real-time data tailored specifically to an organization’s individual buying power rather than data that’s based on market averages with outliers.” It said it will use the new funding to expand its product and technology development teams in the US and Lithuania.
“Greenscreens.ai is focused on doing one thing extremely well: giving truck brokers the tools to provide much more accurate real-time pricing,” Greenscreens.ai Executive Chairman Benjamin Gordon said in the statement. “Most companies don’t realize how much money they are leaving on the table by pricing based on market averages.”
In mid-2022, the company partnered with transportation management system provider 3Gtms and carrier ranking database FreightFriend to give brokers using those tools more context about pricing levels.
Tiger Global has been one of the more active investors in the logistics space over the past year, having invested in CloudTrucks, Emerge, Nowports, Nuvocargo, and SVT Robotics since November 2021.
Source: Journal Of Commerce
