SAN FRANCISCO, May 28, 2019 - Vector, the mobile-first scanning and workflow management solution for the trucking industry, has closed a $12 million Series A funding round led by Goldcrest Capital with participation by 8VC and Congruent Ventures.
Vector will use the Series A funding to continue to expand its back-office document management solutions, enabling fleets to manage higher volumes of freight with fewer resources.
Vector connects trucking fleets and their drivers in real time via the driver's smartphone — drivers can take a perfect scan of paperwork and send it to the back office in seconds with Vector's easy-to-use app. Drivers can also get real-time dispatch information about their past, current, and scheduled load pickups and drop-offs.
For the back office, Vector pulls and indexes structured information from documents—like addresses, SKUs, and other information (including bar codes and handwriting) — eliminating manual processing. It integrates with existing systems (like TMS and AS/400) and is highly customizable to specific needs and workflows, enabling real-time visibility and connection across a company's operations.
"We're excited to leverage this funding into new product development and customer service support," said Vector co-founder and CEO Will Chu. "This will enable trucking fleets to move more freight with fewer resources. The Vector platform does that by eliminating paper and automating processes — and enabling real-time communication, document sharing, and visibility across all of a fleet's operations. We believe that even the most powerful business software can and should be as easy to use as any app on your smartphone, and we've built Vector from the ground up with that philosophy."
Vector is an award-winning mobile-first document scanning and workflow management platform built for trucking. The Vector app makes it easy for drivers to take high-quality scans of bills of lading, scale tickets, OS&Ds, and any other type of paperwork. Vector automatically sends each document type to the correct person or department in the back office using OCR and intelligent text extraction. Vector indexes structured information (including SKUs, bar codes and handwriting) to eliminate manual processing, and can automatically invoice shippers, including the specific documents they require and their billing preferences. https://withvector.com/overview
Vector works with both iPhones and Android-based smartphones, and integrates seamlessly with any TMS, inventory management, or other systems a customer is already using.
Vector's customers include Koch Industries, Crestwood, Ryder, Daseke, Stevens Transport, Sunoco, and PG&E.
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