Supply chain integration platform NYSHEX has announced the completion of a $25 million Series B funding round, bringing the company’s total funding to date to $69 million.
The funding round was led by Collate Capital, with Blumberg Capital, Goldman Sachs and NewRoad Capital also participating. The new capital will be used to accelerate the development of NYSHEX’s applications, the company says.
NYSHEX’s platform brings together data systems linking various parties involved in ocean shipping contracts, including shippers, carriers and NVOCCs, with the goal of providing a shared source of truth for contract fulfilment and performance.
“I’m really proud of the NYSHEX team for working tirelessly to build our technology which acts as the digital infrastructure that global shipping industry leaders now rely on every day,” said Gordon Downes, CEO of NYSHEX.
“We’re all very passionate about our mission to enable more reliable shipping and at the same time to strengthen the relationships between shippers, carriers and NVOCCs. The additional $25 million investment allows us to accelerate the development of our integrated technology platform, which provides a shared system of record for the industry.”
As part of the NYSHEX for Shippers system, a new allocation management tool has been launched to allow shippers to manage all of their ocean contracts in one central dashboard, to improve visibility, control and automation within the process.
NYSHEX is also developing a payment and credit offering with partners to improve its Powered by NYSHEX ecosystem; it is expected to be available in the coming months.
