Nyshex lands $25M to match shippers with ocean carriers
Summary
For example, he says there arent standard contracts, and there isnt a financial services network that holds deposits and settles payments.The industry is playing catch-up after spending the last decade or so focused on surviving a price war and dealing with rapid consolidation, Downes told TechCrunch via email. In the event something goes wrong, Nyshex works with shippers and carriers to attempt to arrive at a resolution.Nyshex can also match freight bookings and physical container movements. Using AI trained on ocean carrier data and info from third-party shipping aggregators, the system can sync shippers and freight forwarders with ocean carriers in real time, Downes says.The pandemic highlighted to the market the need for our products and has fundamentally changed industry dynamics moving forward, Downes said. Freight contract performance, coupled with workflows that improve performance as well as reduce cost by creating efficiency will improve supply chain resilience and create a competitive advantage.Looking to stay a step ahead of rivals like Freightos, Infor Nexus, and BlueX, Nyshex plans to launch a payments product with undisclosed strategic financial services partners in the coming months. From a financial standpoint, our Series B could be our last funding round; however, we plan to continue to raise to capture more of the whitespace in making freight more reliable through trust, data, and workflows.Nyshex has 120 employees and expects to expand to over 170 by the end of 2023.