Pallet uses AI to bring logistics into the 21st century
Summary
Pallet, which is announcing an $18 million Series A funding round led by Bain Capital Ventures today, has built an all-in-one transportation and warehouse management system that uses AI to help these businesses streamline their operations from order entry to dispatching drivers, managing inventory, and accounting.Pallet CEO and co-founder Sushanth Raman was an early engineer at low-code startup Retool before he left to start his own company, together with his co-founder and fellow Retool engineer Andrew Spencer. This means that unlike in other industries that still often rely on Excel spreadsheets and manual data entry, there is a real incentive in the logistics world to become more efficient with the help of new technology.What Pallet really is, is like a modern OS for moving any physical product from point A to B, Raman said. The core idea here is to use AI so that users wont have to enter orders or respond to quote requests manually, for example. We feel like theres a big, multi-billion-dollar opportunity still to be realized here.Bain also led Pallets $3 million seed round and decided to double down by also leading the companys Series A now. Bessemer Venture Partners and Activant Capital also participated in this round, as well as angel investors like Zach Frankel, Toast founders Aman Narang and Steve Fredette, Dutchie CEO Tim Barash, Home Depot board member Manuel Kadre, and Cedar Capital partner John Curtius.