Dallas-based KoiReader Technologies has raised $60,000 in seed funding, Dallas Innovates reports.
The money will be used to build the company’s artificial intelligence-driven automation and video feed data capture suite for the transportation and logistics sector.
KoiReader showcased its product in May at Transparency19, a FreightWaves conference focusing on digitization and innovation in freight.
In the product demo, founder Ashutosh Prasad demonstrated how a complicated freight invoice was scanned, processed and analyzed through artificial intelligence. “This is the biggest leap in document automation processing in a long time,” the KoiReader team said.
Prasad told Dallas Innovates that the company plans to use the funding in four key areas: sales and marketing at logistics and transportation industry conferences; continued artificial intelligence (AI) platform development for logistics, transportation and supply chain industries; operational and legal expenses; and revenue management.
The team is currently in conversation with five major corporations and is pursuing more than 80 other sales leads across the globe.
The funding round could be Series A if the startup can convert a few of its ongoing customer engagements and/or logistics platform partnerships, according to Dallas Innovates. “These are tangible leads and we are in active proof-of-concept stage with a few, and working towards a similar approach with others,” Prasad said.
KoiReader Technologies will return to the FreightWaves stage in November, when the team demos their product at FreightWaves LIVE Chicago.