Loadsmart Acquires Computer Vision Startup NavTrac
The acquisition expands Loadsmart’s AI Technology to Yards, Docks, Terminals and Asset Management.
Chicago, IL - September 28, 2023 – Loadsmart, a leading freight technology and transportation service provider, announced today the acquisition of NavTrac, a technology company specialized in computer vision for yard, terminal, and asset management.
Using a combination of NavTrac’s proprietary machine learning, optical character recognition, AI tools, and third party hardware and software, NavTrac’s technology leverages cameras to capture live videos of trucks and containers, automatically extracting alphanumerics, document equipment, detecting damages, and timestamping events for incoming and outgoing trucks and containers. Computer vision technology can also mitigate crime and fraud in the freight industry by identifying incorrect timestamps and monitoring the security of high value cargo.
With the acquisition, Loadsmart expands its solutions to offer a digitized and automated way to manage inventory and track assets, increasing the logistics efficiency of intermodal service providers, container/storage yards, asset-based carrier’s truck yards, and warehouse operators. This expansion into computer vision solidifies Loadsmart's position as a leader in the freight industry and brings new products to Loadsmart's portfolio.
Loadsmart is already the leader in dock scheduling solutions with its Opendock offering, currently utilized by more than 110,000 carriers in the US, and Navtrac’s technology will only enhance and expand the value proposition for more than 3,000 warehouses who have adopted Opendock.
NavTrac’s innovation integrated with Loadsmart’s existing internal resources, including sales, customer experience, technology, and back-office capabilities allows for new revenue streams, and the elimination of downstream costs for transportation facilities.
NavTrac’s SmartGate camera system also provides automatic compliance tracking for the Warehouse Indirect Source Rule (ISR) emissions mandate currently impacting all warehouses in Southern California over 100,000+ square feet.
Felipe Capella, CEO of Loadsmart, emphasized the significance of this acquisition, "Computer vision can automate inbound/outbound facility traffic, identify damages in trucks and containers, and enhance yard and terminal visibility by generating virtual yards based on cameras. It can track what trucks, trailers and containers are currently moving in any given highway at any given point, without any need for system integrations. This acquisition aligns perfectly with our mission to provide innovative solutions that drive efficiency and value for our customers."
Loadsmart currently offers transportation services like Managed Transportation and Brokerage, and software solutions like ShipperGuide, Opendock and CarrierTMS to shippers, warehouses and carriers respectively.
Loadsmart revolutionizes the logistics landscape by combining cutting-edge technology with high-level transportation services to optimize freight spend, increase efficiency, and enhance service quality. Whether it be through managed transportation services, freight management software, dock scheduling software, truck management solutions, dynamic freight brokerage, or tailor-made optimization solutions, we empower shippers, carriers, and warehouses to move more with less. For more information, please visit https://loadsmart.com