TLDR:
- Paxafe, an AI software provider for the cold chain market, raises $9 million in Series A funding round
- The company highlights a 330% revenue growth over the past year
In a recent article by FreightWaves, it was reported that Paxafe, an AI software provider for the cold chain market, has secured $9 million in a Series A funding round. The funding was led by Framework Venture Partners with participation from Microsoft venture capital fund M12, Rosecliff Ventures, Elevate Ventures, and others. This brings the total amount raised by Paxafe to $14 million since its founding in 2018.
The company plans to use the funds to further develop its core product, the risk management platform Contxt, expand globally, build partnerships, and grow its sales teams. Paxafe has experienced a significant 330% revenue growth over the past 12 months, positioning itself as a key player in the industry.
Paxafe’s Contxt leverages Amazon’s Athena large-language models to analyze supply chain data and provide proactive suggestions to optimize cold chain networks. The company has also formed strategic alliances with logistics providers and tech solutions to enhance its capabilities and provide real-time updates and actionable insights for shipments.
Co-founder and CEO Ilya Preston expressed gratitude to investors for their support as Paxafe seeks to expand its footprint, enhance its platform, and build partnerships that reshape the industry. With a post-valuation of $30 million according to Pitchbook data, Paxafe is poised for further growth and success in the cold chain market.
