Eight Roads, an investment firm supported by Fidelity, has led the US$17 million series A fund for 7bridges, along with existing investors Crane and LocalGlobe, and new investor Maersk Growth.
A drastically changing logistics landscape has led to the investment in artificial intelligence to be used in the supply chain.
Eight Roads has said that the changing landscape, from pandemic related disruption, Brexit bureaucracy, and a structural shortage of suppliers attempting to meet the growing demand for goods, can be partly addressed by technology, and this is the reason behind the funding decision.
The 7bridges technology is used by logistics companies to optimise cost of operations, using supply chain simulations, invoice reconciliation, and other methods.
Eight Roads has said that the potential for growth in the AI industry is high as shippers look for new ways to combat supply chain issues.