Banyan Technology, a Cleveland, Ohio-based provider of live carrier and API connectivity for transportation management, completed a $7m financing round.
Funding included a combination of equity, venture debt, and commercial financing with support from Cleveland-based venture development organization JumpStart and alternative lender River SaaS Capital.
The company intends to use the funds to accelerate product development initiatives, grow partnership and acquisition strategies, and expand marketing and industry education tools.
Led by Chief Executive Officer Brian Smith, Banyan provides shippers, third party logistics companies, and carriers with software featuring live data for rating, booking, and managing shipments. Further, the platform can integrate with customers’ existing transportation management systems (TMS).
More than 1,300 carrier connections and 28,000 client locations currently access the application.