ASX-listed Singapore logistics tech firm Yojee has raised AUD 3 million (US$2.5 million) via a limited share placement. Yojee will be issuing 43 million fully paid ordinary shares at AUD 0.075 (US$0.06).
It will use the newly-raised financing to ramp up technological developments and boost sales and marketing efforts.
Founded in 2010, Yojee’s collaborative cross border platform consolidates different stakeholders in the logistics chain, such as shippers, carriers, and freight forwarders, allowing them to optimise delivery route and operations.
This is performed by feeding real time and historical data — such as proximity, available vehicle capacity, driver capacity, road conditions — into machine learning and route optimisation algorithms. Companies can then visualise these data via a data analytics dashboard.
Using this system, Yojee wants to help logistic businesses reduce their operational and customer service manpower by 70 per cent. During a sample modelling run, it was able to reduce the number of vehicles required to complete jobs by 23 per cent, and increase the route length by only 2.14 per cent.
Yojee claims it can analyse over 1.25 billion job possibilities in 1.8 seconds to find optimal routes and assign jobs to vehicles in real-time.
Yojee also has an ‘Uber’ feature called Yojee AI. Basically, it sends out job requests to a number of drivers and they can accept or reject the jobs. Companies can customise the time intervals and the number of drivers per broadcast.
Additionally, it has a collaboration tool called Control Tower, which allows companies to move jobs between them as part of a connected network.
“The next step for Yojee will be to create the Internet of Shipping TM – Yojee will revolutionise the logistics industry with an end-to-end Blockchain backed IoT solution to create the Internet of Shipping,” a Yojee spokesperson told e27.
“Yojee will enable cross-company collaboration; real-time visibility – its mobile app tracks shipments from dispatch to delivery; and billing and payments in a secure manner – think digital invoices that can be shared instantly, and payments that can be scheduled.”
With e-commerce steadily gaining traction in Southeast Asia, the need to increase the efficiency of deliveries becomes more critical. Amazon Prime, which launched in Singapore last month, is threatening to upend competitors with its two-hour delivery windows. If Yojee or other logistic tech companies, such as Versafleet, can provide the same benefits to e-commerce players, the playing field might just become more levelled.
Image Credit: Yojee