Investors continue to see a bright future for artificial intelligence (AI) in supply chain operations, with a group of venture capital firms today pouring $60 million into slync.io, a startup providing logistics operating process and system orchestration for global logistics providers and shippers.
While AI technology is still in the “growth” stage of maturity, it could still produce real savings in the enormous logistics sector if it shaved off just a few percentage points of inefficiency, a recent Gartner study found. As AI emerges from the computer lab, it is finding new applications in a wide range of processes, such as warehouse robots, self-driving forklifts, supply chain planning software, digital freight matching platforms, flying DC drones, and piece-picking robots, other proponents say.
At slync.io, the “series B” round was led by Goldman Sachs Growth, with participation from ACME Ventures, 235 Capital Partners, Correlation Ventures, and other existing investors. As part of the deal, Goldman Sachs' John Giannuzzi will also join Slync's board of directors.
That investment follows a 2020 “series A” round of $11 million and will help the Dallas-based firm continue to roll out its Software as a Service (SaaS) platform that supports data harmonization by synchronizing both enterprise systems and manual tools within a single system, the company said.
Slync.io now plans to leverage the new investment to continue serving its customers globally, expand its physical presence in Europe and Asia, and to expand its hiring.
Today, we announce the close of our #SeriesB with a lead investment from #GoldmanSachs.— Slync (@SlyncIO) February 4, 2021
With an excess of $70M in total funding, #TeamSlync has big plans for the global #logistics industry: https://t.co/YplZmIV8yj#IntelligentAutomation #SupplyChain #LogisticsOrchestration?? pic.twitter.com/QfdQNe4MQh