Investors Support AI Platform to Enhance Terminal Operations
Ports have been struggling to manage with the recent influx in volumes often resulting in long waits and delays. Believing the port terminal operators will continue to face these challenges and require new tools to address the operational issues, a group of investors are backing a cloud-based AI-driven optimization engine that the developers say provides the ability to significantly reduce container terminal cost, improve efficiency and bring visibility to yard operations.
The Spanish based eYARD reports that it raised more than $1 million in new seed capital to continue to develop the AI engine to optimize container logistics and expand the company with product development and client integration employees. Believing that the port and shipping industries require more digitalization and intelligent automation, Mundi Ventures, an international venture capital fund, led the financing with participation from Hamburg-based NLA, and two unnamed maritime groups.
“eYARD substantially reduces the time and costs that terminal operators need to dedicate to managing the yard operation,” said Pablo Fernández-Peña Curbera, eYARD ?s CEO and co- founder, in a statement. “With the new funding from Mundi Ventures, eYARD is well-positioned to accomplish its vision for the coming year and deliver the best product to its clients. We will maintain and further strengthen our customer focus enabling smarter world trade.”
The company’s core product increases the efficiency of container terminals with artificial intelligence and data analytics, resulting in more reliable, cost efficient and sustainable operations. The AI-powered platform reduces the unproductive moves of containers in the yard, facilitates the automation of complex processes and provides visibility and insights with smart reporting.
Pilot projects with the technology at ports in Europe, the company says have produced a 25 percent reduction in costs by reducing unproductive moves and increasing the efficiency of terminal operations.
Increasing ports and terminal operators are looking at the use of new technologies, including the increased use of digitization as a means of improving operations and supporting the future growth of shipping supply chains.