Pafaxe, a Milwaukee-based AI and machine learning startup focused on improving the way supply chain risk is calculated and underwritten, raised $2.25m in seed funding.
The round, which brought total funds raised to date to over $3.2m, was led by Ubiquity Ventures.
The company intends to use the funds to accelerate the rollout of its commercial platform to more enterprise customers while strengthening their AI-driven prediction models.
Led by Ilya Preston, co-founder and CEO, Paxafe has developed an intelligence platform — CONTXT, that leverages telematics, third-party and ERP data to enable shippers, 3PLs/carriers and insurance providers the ability to intercept at-risk shipments, automate claim diagnosis and root cause analysis, and minimize future losses.
Over the past 6 months, the company has launched a series of paid pilots with leading enterprises across healthcare, perishables, oil & gas, logistics, manufacturing, jewelry and insurance verticals. Paxafe has also recently launched its commercial version of its platform, converting a number of its pilot customers to commercial partners.