FreightTech platform Loadsmart announced Thursday it has acquired yard and asset management provider NavTrac to leverage its computer vision capabilities.
Terms of the acquisition were not disclosed. NavTrac was advised by BG Strategic Advisors, a firm that specializes in helping transportation and logistics companies maximize value through mergers and acquisitions.
“Computer vision is a field of artificial intelligence that enables Loadsmart to derive meaningful information from digital images, documents, videos and other visual inputs — and take actions or make recommendations based on that information. There is massive value potential for the whole freight industry by applying this technology, especially for shippers, warehouses, yards and carriers,” Felipe Capella, founder and chief executive officer of Loadsmart, told FreightWaves.
NavTrac’s capabilities will work alongside those of Opendock, the warehouse and dock scheduling software Loadsmart acquired in November 2021. Opendock now is utilized by more than 110,000 carriers delivering at over 3,000 warehouses across the United States, according to Capella.
“NavTrac will enhance Opendock’s product by linking dock scheduling with [NavTrac’s] SmartGate vision system to automatically check in and check out trucks and unlock 100% yard visibility, which has never been possible before,” Capella said. “Warehouses, road carriers and shippers will have full visibility of their loads at an individual site basis with time-stamped pictures as proof. This combination is offering a game-changing automation solution to the previous pains of gate and yard management that have plagued the industry for decades.”
With Opendock and NavTrac working together, more than 40% of detention claims could be challenged, resulting in substantial cost savings of around $60,000 annually for an average terminal, according to the company.
The combination also promises to alleviate up to 10% of yard congestion issues and resolve up to 95% of equipment damage claims.
In a nod to environmental responsibility, Loadsmart’s platform also provides automatic compliance tracking for the Warehouse Indirect Source Rule emissions mandate, which is particularly critical for warehouses in Southern California spanning over 100,000 square feet.
“Imagine everything today that needs a combination of human eyes and manual data entry. All of that can be improved, or automated, with this computer vision software,” said Capella.