Cartonization platform Paccurate announced it had closed on $3.5 million in funding Thursday led by Tech Square Ventures.
TSV was joined by Las Olas Venture Capital and Royal Street Ventures, the company said, as well as by investors SpringTime Ventures, Grand Ventures, FirstMile Ventures, and Cannell Venture Partners. The funding, Paccurate said, will drive is expansion and the development of their shipping and fulfillment optimization solution platform.
“We are excited to invest in Paccurate, to bring true spatial optimization to the supply chain and logistics sector,” Vasant Kamath, a general partner at Tech Square Ventures, said. “The Paccurate team has built an incredible solution that delivers significant strategic value, paired with a compelling vision for the future of shipping. We are delighted to support James and Pat and help drive the growth of the business.”
Paccurate’s platform uses patented technology to suggest optimal packing methodology for every shipment which reduces waste, costs and item damage, the company said. Paccurate’s technology factors in external criteria like labor, material and complex carrier rates to create cost-optimal solutions. With a lightweight API, the system is a drop-in upgrade to existing systems, and can supply users with real-time suggestions in a short time.
Already, the company optimizes more than a million shipments per month, officials said, and has helped save millions of dollars in shipping, cardboard and filler costs. The technology is also a tangible way for companies to reach ESG goals by helping to cut SCOPE-3 emissions by more than 15 percent.
“Partnering with Paccurate has enabled our organization to remain focused on our sustainability goals while managing box utilization, damage reduction and shipping costs,” Jerry Spence, the senior director of engineering and planning at Crate & Barrel, said. “Their software ensures we are using the right box every time and our associates can quickly see how a box should be packed, which increases throughput and lowers our costs.”