202328 Sep

Loadsmart Acquires Computer Vision Startup NavTrac


Using a combination of NavTrac’s proprietary machine learning, optical character recognition, AI tools, and third party hardware and software, NavTrac’s technology leverages cameras to capture live videos of trucks and containers, automatically extracting alphanumerics, document equipment, detecting damages, and timestamping events for incoming and outgoing trucks and containers. Computer vision technology can also mitigate crime and fraud in the freight industry by identifying incorrect timestamps and monitoring the security of high value cargo. NavTrac’s innovation integrated with Loadsmart’s existing internal resources, including sales, customer experience, technology, and back-office capabilities allows for new revenue streams, and the elimination of downstream costs for transportation facilities. Felipe Capella, CEO of Loadsmart, emphasized the significance of this acquisition, "Computer vision can automate inbound/outbound facility traffic, identify damages in trucks and containers, and enhance yard and terminal visibility by generating virtual yards based on cameras. This acquisition aligns perfectly with our mission to provide innovative solutions that drive efficiency and value for our customers."

Source: Investorsobserver