Expedock banks US$13.5M to allow supply chain brands to transform paper docs into data

Expedock, an Artificial Intelligence startup working with supply chain companies, has secured US$13.5 million in Series A funding led by Insight Partners.

The round also saw participation from existing investors Neo and Pear, besides undisclosed executives from Salesforce, Meta, eBay, Clearmetal, and Project44.

This round brings US-headquartered Expedock’s total amount to US$17.5 million and comes over a year after raising US$4 million in seed funding.

The startup, founded initially by three Filipino entrepreneurs in the Philippines, will use the new capital to expand its team to allow supply chain businesses to further understand their data more efficiently at scale.

Also Read: Why it is imperative to invest in digitalising the supply chain

Expedock uses AI to transform paper documents into data, quickly classify them, and bring them into existing freight forwarder tools. Automating invoices and statements of accounts, including their entry, reconciliation and posting, ensures on-time payment to vendors while bringing accurate visibility to margins when billing shippers.

The startup works with several global supply chain brands, including Wayfair, ClearFreight, JUSDA, and Ascent, a subsidiary of Roadrunner Freight.

“Expedock is reinventing how supply chain businesses harness their data. Given our 600 per cent growth this past year, we are going to do even better by bringing on engineers to expand our use-cases and our account executives to support more customers,” said King Alandy Dy, CEO of Expedock.

“With their innovative use of AI to automate the time-consuming documentation process, Expedock is modernising freight forwarding and reducing inefficiencies to keep goods moving,” said Connor Guess, Senior Associate at Insight Partners.

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