MANILA - A tech startup based in the Philippines is wielding AI to speed up the processing of shipping documents and promises to provide up to 80 percent savings for freight forwarders over manual processing of logistics paperwork.
Expedock, which is led by the 23-year old King Alandy, said the company is also eyeing to expand its team of 40 people distributed around the world.
The company said its software helps clients achieve up to 10 times faster turnaround times. Expedock said that right now its artificial intelligence helps eliminate inefficiencies in the freight forwarding business by automating the manual processing and inputting of data into various systems at 99.99 percent accuracy.
Alandy said Expedock’s AI is able to read even handwriting and unstructured notes on documents. This helps companies save money, he said, citing the experience of one of Expedock's customers.
“They’re on track to save half a million dollars in operational expenses because of Expedock software,” Alandy said in an interview with ANC’s Market Edge.
Besides helping freight forwarders cut costs, the company’s software has also allowed clients to better adapt to the COVID-19 pandemic.
Alandy said the pandemic exposed a problem in ocean and air freight, which operate with a lot of physical documentation.
“They have a lot of locally stored databases and that's why they were unable to operate during the very beginning of the pandemic,” Alandy said.
“With Expedock we are helping these businesses eliminate most of their manual work and operate wherever they may be located,” he said.
Expedock is also eyeing to grow its workforce after the company successfully raised $4 million in seed funding from executives of EBay, Tencent Holdings and Salesforce.
“So we're definitely scaling super fast,” Alandy said.