Freight Technologies launched an AI Tendering Bot to automate the load tendering process, enhancing efficiency and reducing costs for clients.
Quiver AI Summary
Freight Technologies, Inc. (Fr8Tech) has announced the launch of its AI Tendering Bot, aimed at automating and enhancing the load tendering process for shippers and freight brokers. This innovation marks a significant shift towards a Software-as-a-Service (SaaS) model, improving operational efficiency and reducing costs for enterprise clients. The AI Tendering Bot automates the extraction and organization of load information from various sources, integrates real-time data into the Fr8app marketplace, and minimizes manual labor in the tendering process. Following successful pilot tests, the bot has demonstrated accuracy and reliability while being integrated with Fr8Tech’s Transport Management System (TMS), Fleet Rocket. CEO Javier Selgas highlighted that this development supports the company's goals for 2025 in automating operations, enhancing service levels, and expanding their technology offerings.
Potential Positives
- Launch of the AI Tendering Bot positions Fr8Tech as a leader in automating the load tendering process, improving efficiency for shippers and brokers.
- The transition to a Software-as-a-Service (SaaS) model highlights the company’s commitment to innovation and operational efficiency.
- Successful pilot testing of the AI Tendering Bot demonstrates its reliability and utility, strengthening client confidence in Fr8Tech's technology offerings.
- Cost reductions and improved service levels for enterprise clients align with the company's 2025 strategic targets, potentially enhancing market competitiveness.
Potential Negatives
- Dependency on advanced AI technology may pose risks; potential technical failures or inaccuracies in the AI Tendering Bot could negatively impact service levels.
- Forward-looking statements indicate significant risks and uncertainties in achieving financial and operational goals, which may cause investor concern regarding the company's future performance.
- Possible negative implications if the company fails to maintain its Nasdaq listing, which could significantly affect its market position and investor trust.
FAQ
What is the AI Tendering Bot launched by Fr8Tech?
The AI Tendering Bot is a solution designed to automate and streamline the load tendering process for shippers and freight brokers.
How does the AI Tendering Bot improve load management?
It enhances efficiency by reducing manual intervention, accelerates response times, and improves accuracy in load information processing.
What benefits does Fr8Tech’s new SaaS model offer clients?
The SaaS model enhances service levels, reduces operating costs, and provides innovative technology to improve logistics operations.
How does the AI Tendering Bot integrate with Fleet Rocket?
The bot is fully integrated with Fleet Rocket, enhancing its Transport Management System capabilities for freight brokers.
What are Fr8Tech's long-term goals with the AI Tendering Bot?
Fr8Tech aims to automate operations, enhance service levels, and expand the innovative capabilities of its SaaS solutions by 2025.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
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Full Release
HOUSTON, March 04, 2025 (GLOBE NEWSWIRE) --
Freight Technologies, Inc.
(Nasdaq: FRGT)(“Fr8Tech” or the “Company”), a logistics management innovation company, offering a diverse portfolio of technology-driven solutions, today announced the launch of its advanced AI Tendering Bot, an innovative solution designed to automate and streamline the load tendering process for shippers and freight brokers. This upgrade underscores Fr8Tech's strategic pivot to a Software-as-a-Service (SaaS) model, immediately enhancing service levels and automation for its enterprise clients. The launch also reinforces the Company's commitment to operational improvements and efficiencies through new technology to reduce operating costs for both Fr8Tech and its enterprise clients.
Transforming Load Tendering with Artificial Intelligence
Traditionally, load tendering has relied on integrated Transport Management Systems (TMS) solutions or outdated manual processes, such as assigning loads via text messages or emails. The AI Tendering Bot changes that by leveraging advanced artificial intelligence:
Identify Key Information
: Seamlessly read and interpret emails, text messages, screenshots of Excel spreadsheets, and other documents containing load information
Real-Time Integration:
Immediately post structured load data into the Fr8app marketplace, where carriers can instantly view and bid on available loads
Reduce Manual Intervention:
Automate the transcription and organization of load requests, significantly reducing the time and labor required by employees
Proven Results and Seamless Integration
After successfully pilot testing with several clients, the AI Tendering Bot has proven its accuracy and reliability. It is now fully integrated also with Fleet Rocket, Fr8Tech’s cutting-edge Transport Management Systems (TMS) solution for brokers, further enhancing the platform’s value proposition. This solution not only accelerates the tendering process but also delivers substantial cost savings and operational efficiencies through:
Enhanced Efficiency:
Accelerates response times by eliminating delays associated with manual data entry
Cost Reduction:
Minimizes human intervention, resulting in lower operating costs
Improved Accuracy:
Utilizes AI algorithms to accurately capture and structure vital load information
Real-Time Visibility:
Ensures load tenders are available instantly on the Fr8app marketplace, empowering carriers to bid promptly
"Our new AI Tendering Bot represents a significant milestone in Fr8Tech's digital transformation journey,” said Javier Selgas, CEO of Fr8Tech. “By automating the load tendering process, we are not only driving down operational costs but also delivering faster, more reliable service to our customers. This innovation aligns perfectly with our 2025 targets: to automate our operations, enhance service levels for key enterprise clients, and expand the innovative capabilities of our SaaS TMS solution, Fleet Rocket. Developed in collaboration with Trebu.ai, a Y Combinator-backed startup specializing in AI automation, this bot leverages cutting-edge technology to streamline freight management like never before.”
About Freight Technologies Inc.
Freight Technologies (Nasdaq: FRGT) (“Fr8Tech") is a technology company offering a diverse portfolio of proprietary platform solutions powered by AI and machine learning to optimize and automate the supply chain process. Focused on addressing the distinct challenges within the supply chain ecosystem, the Company’s portfolio of solutions includes the
Fr8App
platform for seamless OTR B2B cross-border shipping across the USMCA region;
Fr8Now
, a specialized service for less-than-truckload (LTL) shipping;
Fr8Fleet
, a dedicated capacity service for enterprise clients in Mexico;
Waavely
, a digital platform for efficient ocean freight booking and management of container shipments between North America and ports worldwide and
Fleet Rocket
a nimble, scalable and cost-effective Transportation Management System (TMS) for brokers, shippers, and other logistics operator Together, each product is interconnected within a unified platform to connect carriers and shippers and significantly improve matching and operation efficiency via innovative technologies such as live pricing and real-time tracking, digital freight marketplace, brokerage support, transportation management, fleet management, and committed capacity solutions. The company is headquartered in Houston, Texas. For more information, please visit
fr8technologies.com
.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Fr8Tech’s and Fr8App Inc.’s actual results may differ from their expectations, estimates and projections and, consequently, readers should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue” and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements.
These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from those discussed in the forward-looking statements. Most of these factors are outside Fr8Tech’s and Fr8App Inc.’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the inability to obtain or maintain the listing of Fr8Tech’s ordinary shares on Nasdaq; (2) changes in applicable laws or regulations; (3) the possibility that Fr8Tech or Fr8App Inc. may be adversely affected by other economic, business and/or competitive factors; (4) risks relating to the uncertainty of the projected financial information with respect to Fr8App Inc.; (5) risks related to the organic and inorganic growth of Fr8App Inc.’s business and the timing of expected business milestones; and (6) other risks and uncertainties identified, including those under “Risk Factors,” to be filed in Fr8Tech other filings with the Securities Exchange Commission.
Fr8Tech cautions that the foregoing list of factors is not exclusive. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Fr8Tech and Fr8App Inc. caution readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Fr8Tech and Fr8App Inc. do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in their expectations or any change in events, conditions or circumstances on which any such statement is based.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
