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New AI port optimisation engine secures almost US$1m in seed funding

New AI port optimisation engine secures almost US$1m in seed funding
The platform is in use at several European ports

eYard, a new cloud-based artificial intelligence (AI) power optimisation engine that helps container terminal operators to reduce costs and improve operational efficiency, has raised €800k (US$950k) in a new round of funding.

The financing was led by Mundi Ventures, an international Venture Capital fund, with participation from Hamburg-based NLA, and two global maritime groups.

Financing from the round will be used to continue the global expansion of eYard, to hire key individuals in the product development side as well as to facilitate client integrations.

Pablo Fernández-Peña Curbera, eYARD’s CEO and co-founder, said that the optimisation engine would help to substantially reduce the time and costs that terminal operators need to dedicate to managing the yard operation.

He stated: “With the new funding from Mundi Ventures, eYard is well-positioned to accomplish its vision for the coming year and deliver the best product to its clients. We will maintain and further strengthen our customer focus enabling smarter world trade.”

The AI-powered platform looks to reduce unproductive yard container moves, facilitating the automation of complex processes and providing visibility and insights with smart reporting.

Several ports in Europe are already utilising eYard’s platform, reducing unproductive moves and terminal costs by 25%.

Javier Santiso, CEO and founder of Alma Mundi Ventures, said: “The port and shipping industries require more digitalisation and intelligent automation. At Mundi Ventures we back top entrepreneurs and state-of-the-art technologies, and this is the case of eYard.

“They are ambitious and seasoned industry professionals with a great vision. And in addition, they were born in a shipping hub such as Vigo, in the region of Galicia in Spain, not far away from other outstanding ventures such as Inditex and Farfetch. Not all unicorns are born in garages, sometimes they are born in a yard, a modest dress workshop or a medieval town.”