Vector.ai, a London, United Kingdom-based productivity platform for freight forwarders raises $15 million in Series A round led by Bessemer and joined by existing investors Dynamo Ventures and Episode 1.
The funding will enable the company, which uses machine learning to transform cumbersome and error-prone processes, to accelerate its international expansion plans.
Company: Vector AI LTD
Raised: $15.0M
Round: Series A
Funding Month: September 2021
Lead Investors: Bessemer
Additional Investors: Dynamo Ventures and Episode 1
Company Website: https://vector.ai/
Software Category: Productivity platform
About the Company: The company was founded in 2017 by James and Nisarg, Vector.ai is a developer of a business productivity software designed to drive seriously streamlined workflows. The company's software automatically scans and reads all the documents and turns them into computer-readable text that can be analyzed and creates a clear task dashboard, enabling clients to get a live dashboard showing exactly what they need to do. From straight-through processing of accounts payables, including bill pay, audit, and reconciliation, to automated customs declarations and import/export documentation workflows, Vector.ai’s platform enables workers to offload basic tasks and focus on building relationships with customers and suppliers. Since the release of its first beta product in late 2020, the company has implemented its technology across Europe, Asia, Australasia, South Africa, and the US.
Source: https://businesscloud.co.uk/freight-automation-firm-vector-ai-raises-10-8m/