PAXAFE Raises $9M Series A to Transform AI-Powered, Autonomous Cold Chain Logistics

Update : 17th May, 2024

PAXAFE, the company delivering AI-powered decision support for cold chain logistics, has announced a $9M Series A funding round led by Framework Venture Partners, with new participation from M12 (Microsoft's Venture Fund), Rosecliff Ventures, Elevate Ventures, AngelList Quant Fund, Gaingels, Mana Ventures and existing participants Ubiquity Ventures and Venture53. This new round brings the total funding raised to date to $14M; the capital will be used to meet increasing customer demand, fuel product innovation and expand global operations and key partner ecosystems.

Global cold chain, one of the fastest growing sectors in supply chain, was valued at over $281B in 2022 and is expected to reach $327B by 2029. The critical need for constant refrigeration from source to final destination has created significant cost and time-related challenges for cold chain logistics. PAXAFE is transforming workflow automation and the management of temperature-sensitive products in transit and storage across industries such as pharmaceuticals and produce.

"We are on a mission to quantify strategic and operational cold chain risk through AI-powered automation," said Ilya Preston, co-founder and CEO, PAXAFE. "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."

PAXAFE transforms quality, transportation, and logistics operations for high-profile pharmaceutical and produce manufacturers, and cold chain service providers like Carrier, Transposafe and Hive-Zox. The company's SaaS platform, CONTXT, quantifies strategic & operational risk, proactively predicts adverse events and recommends requisite actions to ensure perishable goods are delivered on time and in expected conditions. CONTXT helps end-users make complex, data-driven decisions in minutes, without requiring a significant financial investment in consultative support.

"In an industry saturated with companies claiming GPT capabilities, PAXAFE is the one true AI-powered risk provider in cold chain logistics," said Peter Misek, Managing Partner, Framework Venture Partners. "Knowing exact arrival times and being able to act before disaster strikes are key for supply chain resiliency. PAXAFE enables real-time visibility, a must-have for any enterprise moving goods that require climate and oscillation control."
"As an investor at M12, I'm delighted to be part of PAXAFE's Series A funding round. The team at PAXAFE has shown remarkable innovation in visibility and risk management, and their platform is poised to transform the industry via applied uses of AI that deliver measurable ROI for customers," said Peter Berg, Managing Partner, M12. "This investment is not just about financial opportunity, but about being a partner to PAXAFE on a journey that could reshape the way we understand and manage supply chain risks."

 

About PAXAFE

PAXAFE delivers autonomous AI-enabled decision support for quality, transportation, and logistics leaders, helping them extract maximum value and resiliency from their existing visibility solutions. Its SaaS platform, CONTXT, harnesses the power of ATHENA LLM to translate network information into proactive recommendations that reduce product loss and optimize operations. PAXAFE empowers customers to automate, optimize, and confidently ensure the best outcomes in cold chain logistics. Read more at www.paxafe.com

Source : PAXAFE


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