Boston-based FreightFlows has announced the launch of its next-generation predictive maritime intelligence platform focused on predicting near-term commercial ship operations. The launch coincides with the close of a $1.8m seed round.
Matt Morgan, founder and CEO of FreightFlows, said: “The global supply chain is in dire need of a solution to bridge the gap between a customer’s proprietary knowledge, and what’s actually happening in the moment.”
A release from the company stated that the commercial ship operations sector accounts for nearly 4% of global climate change emissions, with nearly 45% of non-containerised ships sailing empty.
FreightFlows provides data products and business intelligence to analyse historical ship behaviour and predict the near-term commercial operations of the global fleet of container, wet and dry bulk vessels.
These predictions are derived from geospatial analysis, machine learning, and big data modelling.
“FreightFlows supply and demand forecasting in shipping will not only address some of the deepest inefficiencies in maritime, but also provide transparency across importers and exporters to make better strategic decisions like shipment planning to improve vessel utilisation and optimise for global resiliency across the supply chain,” said Shaun Hon, general partner at Motion Ventures, which came in for the seed investment.
Prior to starting FreightFlows, Morgan ran Product for Genscape, a commodities market intelligence company acquired by Wood Mackenzie in 2019. Previously he co-founded Weft, a supply chain visibility company that was acquired by Genscape in 2016.