Through a new partnership, risk management software provider Paxafe is leveraging its artificial intelligence-driven prediction modeling to enhance cold chain solutions provider Carrier’s platform offerings.
“Through this collaboration with Paxafe, we are adding capabilities to our powerful Lynx platform to provide our customers greater visibility and intelligence, and enable proactive decision-making across their cold chain operations,” said Alice DeBiasio, vice president and general manager of Carrier’s truck trailer Americas and digital solutions division.
According to a recent study by SkyQuest Technology, every year more than $750 billion worth of losses occur worldwide due to poor cold chain logistics and facilities and improper handling procedures.
Ilya Preston, chief executive officer and founder of Paxafe, believes that by using data effectively, companies like Carrier can identify these failure points and avoid these losses.
“It starts with contextualizing ground truth data to understand not just what, where and when something happened but why. Understanding the why is critical to identifying systemic failure points and using these as predictors of future failures that can cause product loss. This enables organizations to map out their risk dynamically and in a scalable manner and identify when future events that may cause product loss are bound to happen,” Preston told FreightWaves.
Paxafe establishes causal connections among Internet of Things sensors, external data sources and enterprise resource planning data to offer a reliable comprehension of the factors behind adverse events and their underlying causes.
“Being able to aggregate and compile this data retrospectively, extract scalable insights and use this as predictive information towards future potential failures is critical towards optimizing Carrier’s network,” said Preston.
Paxafe’s offering has caught the attention of industry-leading investors. In 2021, Ubiquity Ventures led its seed round, followed by an additional $1.5 million raised in 2022 by Venture 53 with participation from Value Chain Ventures, project44 founder and CEO Jett McCandless and Metafora CEO Peter Rentschler. The company has raised a total of $5.5 million.
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