Pafaxe Raises $2.25M in Seed Funding

Pafaxe

Pafaxe,Ā a Milwaukee-based AI and machine learningĀ startup focused on improving the way supply chain risk is calculated and underwritten, raisedĀ $2.25m in seed funding.

The round, which brought total funds raised to date to overĀ $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.

FinSMEs

16/04/2021