Skip to content
Search AI Powered

Latest Stories

AI-based supply chain optimization startup looks to U.S. markets after $100 million valuation

Singapore-based Quincus gains backing from Boeing for its potential to connect shippers, operators, and freight forwarders.

quincus-Screen-Shot-2021-12-07-at-3.38.54-PM.png

An artificial intelligence-based software platform designed to solve global supply chain challenges says it will expand from its home base in Singapore into the U.S. and other western markets after landing a venture capital round last month that values the firm at more than $100 million, its investors said.

Singapore-based Quincus said it had completed a second close of its “series b” funding round led by AEI HorizonX, the unit of private equity firm AE Industrial Partners LP that serves as airplane manufacturer Boeing's corporate venture capital arm. Additional participation came from initial series B investors UP.Partners and GGV Capital. Terms of the deal were not disclosed, but the new investments are based on a valuation of the 2014 startup at some $100 million.


Quincus’ product is a machine-learning-enabled platform that optimizes and automates shipping operations. The firm’s software as a service (SaaS) technology connects to clients’ enterprise resource planning (ERP) systems and acts as a business operating system for users such as shipping, express, parcel, and airline companies.

The goal of that process is to upgrade users to 21st century platforms that support visibility across the supply chain and enable better optimization of routes and hubs, Quincus CEO and Co-Founder Jonathan Savoir said in a phone briefing.

According to Savoir, those steps are particularly important at a time when global inventory flows have been severely disrupted by pandemic impacts such as a leap in work from home policies, skyrocketing demand for certain goods, and the “bullwhip effect” shown when people and companies compensate for that chaos by either under-ordering or over-ordering goods.

Backed by its new funding, Quincus now plans to expand from its past focus on emerging markets in southeast Asia and the middle east, now opening offices in the U.K., Mexico, Canada, and the U.S. The firm will support that growth by growing headcount from its current level of 180 people to 400 employees over the coming year, Savoir said.

The firm’s investors pointed to its potential for connecting shippers, operators, and freight forwarders with an open operating system while reducing the industry's overall carbon footprint.

"As logistics operators plan their future fleets – from traditional freighter aircraft to autonomous vehicles – Quincus is uniquely positioned to help their customers open and optimize completely new routes by leveraging novel cargo delivery vehicles,” Beckett Jackson, a director at AEI HorizonX, said in a release. "With our deep experience in current and future air platforms, AEI HorizonX and Boeing will create a unique partnership with Quincus to explore the future of cargo delivery. We look forward to working closely with Jonathan and his entire team."
 

The Latest

More Stories

image of digital city

Accenture acquires German management consulting firm Staufen AG

The consulting firm Accenture has acquired Staufen AG, a German management consulting firm, saying the move will expand Accenture’s capabilities to drive operational excellence and competitiveness in manufacturing and supply chains.

Specifically, adding Staufen will help Accenture serve clients in discrete manufacturing industries including automotive, aerospace and defense, industrial goods, and medical equipment.

Keep ReadingShow less

Featured

chart of US imports

NRF: Container imports remain high after Trump tariff threats

Days after tariff threats by the Trump Administration against Canada and Mexico were paused for a month, imports at the nation’s major container ports are expected to remain high, as retailers continue to bring in cargo ahead of the new deadline and to cope with elevated tariffs on China that did occur, according to the Global Port Tracker report released today by the National Retail Federation and Hackett Associates.

Part of the reason for that situation is that companies can’t adjust to tariffs overnight by finding new suppliers. “Supply chains are complex. Retailers continue to engage in diversification efforts. Unfortunately, it takes significant time to move supply chains, even if you can find available capacity,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said in a release.

Keep ReadingShow less

AI: Is it the real deal?

Having reported on the supply chain world for some 25 years, I've seen technologies come and go. Many were once touted as the best thing since sliced bread but either failed to live up to the hype or else had to simmer a few years before they caught on.

Remember the hoopla surrounding dot-com retail? In the late 1990s, we were told that stores as we knew them would eventually go away, to be totally replaced by online shopping. The ease and convenience of e-commerce made that a reasonable expectation. But in March 2000, the bubble burst, and a host of online retailers closed their virtual doors forever. Of course, online shopping is still very much with us, and its share of total retail sales is growing by the year. Maybe we'll get to that retail seventh heaven someday, but it's taking much longer than originally predicted.

Keep ReadingShow less
Logistics economy picked up speed in January

Logistics Managers' Index

Logistics economy picked up speed in January

Economic activity in the logistics industry expanded in January, growing at its fastest clip in more than two years, according to the latest Logistics Managers’ Index (LMI) report, released this week.

The LMI jumped nearly five points from December to a reading of 62, reflecting continued steady growth in the U.S. economy along with faster-than-expected inventory growth across the sector as retailers, wholesalers, and manufacturers attempted to manage the uncertainty of tariffs and a changing regulatory environment. The January reading represented the fastest rate of expansion since June 2022, the LMI researchers said.

Keep ReadingShow less
Disrupting the furniture supply chain: An interview with Jay Rogers

Disrupting the furniture supply chain: An interview with Jay Rogers

As commodities go, furniture presents its share of manufacturing and distribution challenges. For one thing, it's bulky. Second, its main components—wood and cloth—are easily damaged in transit. Third, much of it is manufactured overseas, making for some very long supply chains with all the associated risks. And finally, completed pieces can sit on the showroom floor for weeks or months, tying up inventory dollars and valuable retail space.

In other words, the furniture market is ripe for disruption. And John "Jay" Rogers wants to be the catalyst. In 2022, he cofounded a company that takes a whole new approach to furniture manufacturing—one that leverages the power of 3D printing and robotics. Rogers serves as CEO of that company, Haddy, which essentially aims to transform how furniture—and all elements of the "built environment"—are designed, manufactured, distributed, and, ultimately, recycled.

Keep ReadingShow less