SUNNYVALE, CA: March 28, 2017. Silicon Valley has realized there's money in logistics. Start-up Turvo has launched what it describes as a revolutionary "collaborative logistics" platform with US$25 million from a group of investors including Tony Fadell, inventor of the iPod and iPhone.
A report published by Transparency Market Research in October last year said the global logistics market is expected to expand from US$8.1 trillion in 2015 to US$15.5 trillion by 2023 - for a CAGR of 7.5 percent.
According to Turvo "logistics is plagued by complexity and chaos – and it has been for centuries". Apparently companies in the industry still "manage shipments using pen and paper, spreadsheets, and outdated software with countless redundant, manual tasks", with "communication done through back and forth phone calls, emails, and faxes which is inefficient and error-prone".
Realizing humans rely on logistics, founder Eric Gilmore, a former director of Communications for Microsoft CEO Steve Ballmer, has launched his company that "brings order to the chaos by connecting shippers, brokers and carriers to collaborate in real time, helping them take the time and cost out of shipping".
Fadell said he is expecting Turvo to create an "Internet of Shipping" because AI "makes available a constantly learning and improving intelligent shipping assistant to help any shipper of any size meet or beat the best in the industry."
The company said its platform provides this support via cross company collaboration, real-time visibility, AI-powered productivity, billing and payments, and security and privacy.
"Turvo is one of those rare companies with an opportunity to revolutionize a global industry," noted Steve Sarracino, founder and managing director of investor Activant Capital. "Turvo has the total package of an incredible team, product and business model."