A $3 million seed funding round saw investments from NEA, Skyview, and Schmidt’s Innovation Endeavors.
ClearMetal, a predictive logistics company, has announced they’ve secured $3 million in funding to launch a new predictive analytics platform for the shipping industry. Dubbed the Clear Metal Predictive Intelligence Platform, it will use artificial intelligence and machine learning to give carriers real-time insights into asset allocation, utilization and repositioning. This helps carriers avoid delays and save money.
“It’s the age-old issue that continues to plague the shipping industry: Carriers struggle to get the right asset to the right place at the right time,” said Chetan Puttagunta, partner at New Enterprise Associates, in a press release. “The industry now has the needed IT and data infrastructure in place-opening the doors for an innovative, data-driven approach to address the global trade problem.”
The platform will aggregate data from a wide variety of sources including carrier operations as well as third-party data such as weather forecasts, labor issues, currency rates, and economic changes. The data is used to create a predictive model for 75 elements of uncertainty, and the model updates in real time to respond to changes. The platform will also use machine learning and AI to mine historical data for patterns that could point to future trends.
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The company says real-time forecasts will be provided for up to eight weeks into the future and change dynamically as new data comes in. This can give carriers the confidence for better decision making and let them prepare for potential issues before they happen.
For example, the ClearMetal platform could tell a shipper that 35 containers will be ready to ship to Seattle from China two weeks from now, and will tell them where in China, when it is expected in Seattle, and where in port it needs to be delivered, all with important info such as port congestion and weather. Should the congestion clear, the weather system turn into a major typhoon, or customers cancel orders, the platform would automatically adjust those projections. A shipper could use this data to allocate more assets or recalculate the shipping route.
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