Read more in the FreightWaves article 'Enterprise software company Vector raises $10 million in Series A':
An enterprise software startup that helps trucking companies automate workflow has raised $10 million in a Series A round led by Goldcrest Capital with participation from 8VC and Congruent Ventures.
San Francisco-based Vector helps companies move more freight with fewer resources, said CEO and co-founder Will Chu.
“Global commerce is documented on bills of lading (BOL), the system of record for freight movements,” he said. But the paper-based system is slow and inefficient, with drivers often forced to pull in at truck stops to fax paperwork or send it via overnight mail, negatively impacting cash flow for trucking companies.
Vector’s first product, a mobile scanning app called LoadDocs, speeds up the process. Using a smartphone camera, drivers can scan and digitize freight documents, cutting down on the phone calls and physical paperwork required to complete a delivery.
The process opens up the opportunity for back office optimization, as fleets and customers can mine the information for data analytics and to communicate with partners on deliveries and pickups.
“Fleets spend a lot of time managing paperwork, doing manual data entry, and invoicing customers,” said Chu. “Our product streamlines that entire process by recognizing the required freight documents and enabling our customers to automate invoice creation and collection. We want our customers focused on their logistics business and not the paperwork business.”