AUSTIN, Texas--(BUSINESS WIRE)--Terminal Industries emerged from stealth today and announced $17 Million in seed funding co-led by 8VC, the most active supply chain investor, and Prologis Ventures, the venture arm of the global leader in logistics real estate, to develop novel AI platforms that optimize the yard. The round includes participation from strategic investors including NFI Ventures, RyderVentures, the corporate venture capital arm of Ryder System, Inc., Lineage Logistics, Vehicle Velocity Group, the Friedkin Group International, as well as world-class logistics-focused venture firms 9Yards, Northstar.vc, Amplifier, and MS&AD Ventures.
Terminal’s platform is being developed in conjunction with the world’s largest logistics operators to solve critical problems that they confront daily, including those driven by macro and micro economic trends. At a global level, supply chain security, transparency, and reliability are becoming increasingly important. At a local level, yard operators and their ecosystem partners are increasingly focused on efficiency and resiliency - both in terms of yard operations and ensuring that goods move safely, consistently, and predictably.
Today, $10 trillion of goods are transported by truck every year. Yet 92 percent of facilities lack meaningful technology enablement. This costs the industry up to $146B in wasted resources, unexpected charges, time and general lack of efficiency in the movement of inventory.
AI Industry Veterans Advance Yard Intelligence Platform
Terminal was founded by CEO Max Constant and CTO Neil Robertson, Ph.D., along with 8VC and Prologis Ventures. Constant and Robertson, who previously co-founded and built two successful venture-backed AI companies together, are joined by Matt Yearling, Terminal’s President. Yearling previously served as CEO of PINC, a pioneering provider of yard management and visibility systems.
Complementing the U.S. and U.K.-based team, Terminal’s advisors include global leaders in supply chain and logistics:
- Chris Sultemeier, former EVP, Walmart Stores, Inc.
- Alan Gershenhorn, former EVP and CCO, UPS
- Shaleen Devgun, EVP and CTO, Schneider
- Craig Fuller, Founder & CEO, FreightWaves
“The vast majority of yards are antiquated and inefficient, and represent the last great frontier in the supply chain. The work that Neil and I have done in AI over the past seven years has led us to this moment. Now, in partnership with the global leaders in logistics who understand the pain points better than anyone, we are modernizing the industry and playing a pivotal role in the transformation of transportation and logistics by making yards ‘smart,’” said Constant.
“Having built AI capabilities in multiple industries, we are excited to apply this powerful technology to the supply chain,” said Robertson. “AI is most often a solution in search of a problem. We are starting with a fully exposed problem and designing an optimal solution based on an end-to-end design and development philosophy,” said Robertson.
“Terminal is building deeply consequential technology for the global economy, and the initial application of this advanced platform is within the yard,” said Jake Medwell, co-founder and partner, 8VC. “Max and Neil are forces in AI applications and have demonstrated building this at scale.”
“Yard management is essential to improving efficiencies at warehouses, yet there has not been a platform to fully digitize yard operations – until Terminal,” said Will O’Donnell, Managing Director, Prologis Ventures. “We know customers are seeking technology that would give them real time data insights on the intersection between transportation and warehouse operations. Terminal’s AI solution is a significant leap forward.”
About Terminal Industries
Terminal Industries develops novel AI platforms that digitize the yard. Terminal is headquartered in Austin, Texas with offices in San Francisco and London. For more information, please visit www.terminal-industries.com.