International and national investors trust in Israeli start-ups and no move can be watched that investors shun away from investments in Israel because of planned judicial reform of the democratically elected government Netanyahu.
In the press release the start-up ‘Wisor AI’, based in Tel Aviv and established 2021, announced: “Wisor AI, an advanced freight booking software solution, has raised $8 million in a seed funding round led by Team8.
The funding will expedite Wisor’s mission to digitize the global supply chain industry and empower freight forwarders to plan, price and book a shipment in seconds instead of hours or days.”
Wisor’s plug and play solution automates both the cumbersome, manual process of aggregating pricing data as well as the optimization of shipping routes across the global freight ecosystem, including airlines, ocean liners, trucking, and rail companies.
This allows freight forwarders to do more with less, improving response rates, and freeing capacity to grow their business.
In addition to pricing automation, Wisor’s algorithms continuously optimize pricing in the background – even after the booking has been placed – presenting further opportunities for freight forwarders to cut costs and improve their margins.
A 23 Trillion Market get optimized
The opportunity to transform the freight forwarding market is massive. Today there are roughly 300,000 freight forwarders globally, including 100,000 in the US alone, handling $23.3 trillion in goods delivered to consumers.
This huge market is ripe for disruption, as it lacks the tools and technology required to bring forwarding operations into the digital era. Wisor is focused on empowering freight forwarders to compete in a challenging environment suffering from high price volatility and reliance on outdated manual processes.
“As an entrepreneur, I am fascinated by traditional industries that still heavily rely on manual processes and legacy tools,” said Raz Ronen, CEO and Co-Founder of Wisor AI. “The complexity of supply chain management has become pronounced in recent years due to global disruptions caused by COVID-19. Wisor found a way to digitize this industry without requiring freight forwarders to fundamentally change the way they operate today, making the adoption seamless, while enjoying the benefits of digitization.”