Greenscreens.AI, the premier dynamic pricing infrastructure for the logistics industry, today announced its first outside investment, led by Tiger Global. The new capital will enhance the company's ability to deliver a ground-breaking neutral platform, driven by machine-learning, for predictive pricing intelligence as well as revenue and yield optimization.
The financing was led by Tiger Global, with participation from Flyer One Ventures, Cambridge Capital, Navigate Ventures, Jones Capital, Red Door Capital, Overton Venture Capital, Operator Stack Fund, and REFASHIOND Ventures.
Through Greenscreens.AI's cloud-based, data-driven technology platform, logistics service providers can arm frontline users with enhanced decision-making, pricing intelligence and workflow automation, which can result in a significant improvement to gross margins, employee productivity and time to value, while also achieving enhanced trading partner relationship management and the ability to turn pricing into a competitive advantage.
According to Evan Armstrong, President of Armstrong & Associates, a global leader in 3PL market research and consulting, "In 2021 the Domestic Transportation Management/ Freight Brokerage 3PL segment saw 39.5% growth compared with the prior year to $127.2 billion. Enabling freight brokers to quickly provide customers fast and accurate spot market pricing through AI and machine learning can lead superior growth for those operating in this segment. Greenscreens' targeted solution addresses one of freight brokers' largest pain points."
Greenscreens.AI was developed to minimize the competitive advantage established by the largest and most well-funded, IT & data-driven logistics organizations who have invested heavily in creating the IT and data infrastructure required to enable truly dynamic pricing automation & pricing intelligence. Greenscreens.AI's goal is to drive the same efficiency and growth throughout the broader logistics service provider segment and help its customers to win more business, more profitably.
"After spending the last two years building our AI engine, intuitive user experience and flexible connectivity platform, as well as securing several major customers, we are excited to announce our first external financing to help us expand much faster. The investor group represents leaders in scale-up SaaS investments globally, as well as firms with deep experience in transportation and logistics" said Dawn Salvucci-Favier, CEO and Chief Product Officer of Greenscreens.AI.
Benjamin Gordon, Executive Chairman of Greenscreens.AI and Managing Partner of Cambridge Capital, added "There is significant discussion in the logistics industry about leveraging AI and analytics to make better decisions. Most of that is not actually available in the market yet, but the Greenscreens.AI team has built a fully functional platform to disrupt what we believe is a multi-billion dollar market in this area for yield management."
John Curtius, Partner at Tiger Global, said "Tiger Global seeks to back the best companies disrupting large markets, with strong signs of product-market fit plus significant growth potential, and Greenscreens.AI's momentum with customers and prospects speaks for itself."
"GreenScreens.AI represents an example of how a traditional conservative industry is evolving towards data-driven technology solutions to solve long-standing issues. The pricing function has remained in the dark for many industry players, causing margin erosion and revenue losses. We are pleased to support an industry disruptor in its journey to improve the efficiency and profitability of freight brokers.", added Vital Laptenok, General Partner of Flyer One Ventures.
With large customers such as NFI Industries, Covenant Transportation, Priority-1 and Trident Transport, Greenscreens.AI is already a leader in an important emerging product category underserved by incumbent vendors. With this new investment, Greenscreens.AI is accelerating and deepening its relationships with other large customers and partners globally.
