Paxafe, an Indianapolis, IN-based company delivering AI-powered decision support solutions for cold chain logistics, raised $9M in Series A funding
The round, which brought the total amount to $14M, was led by Framework Venture Partners, with participation from M12 (Microsoft’s Venture Fund), Rosecliff Ventures, Elevate Ventures, AngelList Quant Fund, Gaingels, Mana Ventures and existing participants Ubiquity Ventures and Venture53.
The company intends to use the funds to meet customer demand, accelerate product innovation and expand global operations and key partner ecosystems.
Led by CEO Ilya Preston, Paxafe delivers autonomous AI-enabled decision support for quality, transportation, and logistics leaders, helping them extract value and resiliency from their existing visibility solutions. Its SaaS platform, CONTXT, uses ATHENA LLM to translate network information into proactive recommendations that reduce product loss and optimize operations. The company empowers customers to automate, optimize, and confidently ensure the best outcomes in cold chain logistics.
Commenting on the news, Ilya Preston, said: “For the past decade, we’ve witnessed the industry adopt IoT sensors as a means for addressing mission-critical issues such as on-time, in-full (OTIF) product deliveries. Yet, real-time sensor data is limited without contextual analysis and prescriptive, recommended action. On behalf of the entire PAXAFE team, we’d like to thank our investors for their continued support as we expand our footprint, enhance our platform and build partnerships that reshape the industry.”
FinSMEs
07/05/2024