Thursday, May 30, 2024
HomeTechnologyLoadsmart Acquires NavTrac, a Computer Vision Startup in New Partnership

Loadsmart Acquires NavTrac, a Computer Vision Startup in New Partnership

Loadsmart, a leading freight technology and transportation service provider, has acquired NavTrac, a technology company specializing in computer vision for yard, terminal, and asset management. NavTrac utilizes machine learning, optical character recognition, and AI tools to capture live video footage and extract data from trucks and containers. This technology enhances inventory management and asset tracking, improves logistics efficiency, and helps prevent crime and fraud in the freight industry. This strategic move allows Loadsmart to expand its offerings and reinforces its position as a leader in the freight industry.

By acquiring NavTrac, Loadsmart gains access to advanced computer vision technology, which allows for automated inventory management and asset tracking. The technology captures live video footage of trucks and containers, extracting alphanumeric data, documenting equipment, detecting damages, and providing timestamps for related events. This computer vision technology helps prevent crime and fraud within the freight industry by identifying incorrect timestamps and monitoring the security of high-value cargo. Loadsmart’s expansion into computer vision strengthens its position in the market and introduces new products to its portfolio.

Loadsmart already offers dock scheduling solutions through its Opendock offering, which is widely used by carriers in the US. With the addition of NavTrac’s technology, Loadsmart will be able to further enhance its value proposition for warehouses that have adopted Opendock. NavTrac’s innovation, combined with Loadsmart’s resources in sales, customer experience, technology, and back-office capabilities, opens up new revenue streams and eliminates downstream costs for transportation facilities. NavTrac’s SmartGate camera system also assists with compliance tracking for emissions mandates affecting warehouses in Southern California. This acquisition aligns with Loadsmart’s mission to provide innovative solutions that drive efficiency and value for its customers in the freight industry.

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