SANTA CLARA, Calif. – Frost & Sullivan has recognized Loadsmart, Inc. with the 2018 United States Company of the Year Award.
Loadsmart’s use of machine learning in its automated freight brokerage platform to enable instant pricing and booking is proving to be a game changer in the market. Its solution has attracted dozens of Fortune 500 companies such as Daimler Trucks North America (DTNA), Anheuser-Busch, and Albertsons/Safeway, which has translated to a year-on-year revenue growth of 350 percent in 2018.
“Loadsmart has pioneered truckload instant pricing/booking for all ~900,000 U.S. lanes, helping shippers access live rates via their own system with an easy-to-implement application program interface (API), staying ahead of the competition with its tech-first approach. Indeed, it has disrupted the market by presenting an all-in price to shippers before hiring the carrier,” said Silpa Paul, an industry analyst at Frost & Sullilcvan.
“Its algorithms ensure that the network carriers are loaded at optimum capacity in order to minimize empty miles. This model results in low marginal costs of moving additional loads.”
Loadsmart’s API enables third-party TMS providers to offer their customers instant pricing and booking without having to leave their respective platforms. By sending instantly bookable rates via API, Loadsmart is the first to facilitate server-to-server truckload bookings with no human interaction for every lane of every customer.
The quotes are based on AI technology that takes into account lane characteristics, pickup urgency, cargo weight, miles, estimated time of loading, type of commodity and hundreds of other data points.
Loadsmart has attracted several Fortune 500 shippers, as well as small-medium-large carriers. Significantly, its technology integration with major TMS platforms provides shippers, such as DTNA, a pre-spot market solution for loads. With its pre-spot solution, shippers can choose between semi-automated and fully-automated pricing and booking, where Loadsmart’s instantly bookable rates are inserted directly into the static routing guide. This results in prices that are more in line with market conditions and a significant reduction in both the time and resources required to cover a given load.
“Loadsmart’s business model has inspired confidence in investors, and has helped it accrue more than $34.7 million in funding from three rounds since its inception,” noted Paul.
“Overall, its collaborations with marquee companies like Maersk and focus on integrating advanced technologies in the solutions have future-proofed its products and positioned it for continued growth with an aggressive product distribution model.”
Each year, Frost & Sullivan presents a Company of the Year award to the organization that demonstrates excellence in terms of growth strategy and implementation in its field. The award recognizes a high degree of innovation with products and technologies, and the resulting leadership in terms of customer value and market penetration.