Managing logistics is still a very manual process: tracking shipments with a call or online lookup and entering that data into an Excel spreadsheet. Portcast, which describes itself as a “next-generation logistics operating system,” makes the process more efficient by gathering data from myriad sources and not only tracks shipments in real time, but also predicts what might affect their progress, like major weather events, the tide, and pandemic-related issues. The company announced today it has raised $3.2 million in pre-Series A funding, led by Newtown Partners, through the Imperial Venture Fund, with participation from Wavemaker Partners, TMV, Innoport and SGInnovate. Based in Singapore, Portcast serves clients in Asia and Europe, and will use part of its funding to expand into more markets.
Portcast says it tracks more than 90% of world trade volume that travels by ocean carriers, and 35% of air cargo, and can forecast demand for 30,000 trade routes. Sources include geospatial data, like satellite data about where ships are, what speed and direction they’re moving in, what ports they are headed for, wind speed and wave height. Portcast’s two main solutions are currently Intelligent Container Visibility for real-time tracking of shipment containers, and Forecasting and Demand Management, which tracks booking patterns. Portcast doesn’t use IoT to track containers since it is cost-prohibitive to place a device in everyone, but it is working with IoT providers on hybrid solutions. COVID-19 pandemic created an “urgent need to digitize, and it’s transformed supply chains from being a cost function to the core of getting products on time, so we work with some of the largest manufacturers as well as freight forwarders.