- Fr8Tech aims to revolutionize the commercial trucking industry by introducing logistics and transportation technology catered to moving freight within the USMCA region more efficiently and cost-effectively
- The update includes several new features and improvements, including real-time tracking and monitoring of shipments, which will allow shippers to see exactly where their freight is at all times and receive notifications for delays
- Fr8Tech projects that during 2023, it will hit revenues between $36 million and $42 million, compared to preliminary 2022 revenue of approximately $26 million to $27 million
Freight Technologies (NASDAQ: FRGT) (“Fr8Tech”), a technology company developing solutions to optimize and automate the supply chain process, providing an AI and machine-learning platform, Fr8App, for B2B cross-border shipping in USMCA regions, has announced the launch of a major update for its transportation management system, Fr8TMS 3.0. This platform upgrade aims to revolutionize the commercial trucking industry by introducing advanced logistics and transportation technology to move freight within the USMCA region, focusing on cross-border shipping.
According to data from the U.S. Department of Transportation, the ongoing disruption in U.S.-Chinese trade relations has strengthened Mexico’s status as the largest trading partner of the U.S., with cross-border annual freight spending estimated at $385 billion (https://ibn.fm/XO12n). Fr8Tech’s wholly-owned Mexican subsidiary aligned automation of its Fr8App platform with Mexico’s CFDI 4.0, a new standard for digital tax receipts which became mandatory in January 2023.
“We are excited to introduce this new update to the Fr8TMS, which will revolutionize the commercial trucking industry. The new features and improvements will make it easier for shippers to move their freight, and it will also benefit carriers and drivers by connecting them with shippers looking to move their freight,” said Javier Selgas, CEO of Fr8Tech (https://ibn.fm/Cirj8).
The update for Fr8TMS includes several new features and improvements, including better real-time tracking and monitoring of shipments, which will allow shippers to see exactly where their freight is at all times – receiving notifications if there are delays or issues with the shipment. A new rating system for carriers will allow shippers to compare the performance of multiple carriers to make better-informed decisions about which carrier to use for their shipments.
Fr8Tech’s Fr8App platform and mobile app connect shippers, carriers, and drivers – making it easier for freight to be moved within the USMCA region. It boasts a streamlined booking process, improved search and filtering options, and the new transportation management system for easy access, making it easier for shippers to find and book the right freight at the right price.
Fr8App is easy to use and begins with creating an account on the company’s website. Once registration is completed, an Fr8App representative reaches out to ensure that all necessary information has been provided and to provide support in setting up the initial shipment. Once an account has been created, the next steps include the following:
- Logging into the online account and scheduling the shipment, which includes the pickup and delivery locations, generating a cost estimate. Once approved, the shipment can be confirmed with a single click
- Once the shipment is confirmed, truck drivers can view the shipment information and choose to accept the job. The driver then collects the cargo at the agreed-upon time, and the shipper receives regular updates and tracks the shipment as it progresses
- The truck driver will take pictures to confirm successful delivery at the final destination. Shippers can reserve loads up to two weeks in advance, with a minimum notice period of 24 hours
Fr8Tech projects that during 2023, it will hit revenues between $36 million and $42 million, compared to preliminary 2022 revenue of approximately $26 million to $27 million. The Fr8App team is dedicated to the continuous improvement and evolution of its platform to meet the needs of its customers. The company is confident that the new update will make Fr8App more valuable for shippers, allowing them to save time and money on their freight operations.
NOTE TO INVESTORS: The latest news and updates relating to FRGT are available in the company’s newsroom at https://ibn.fm/FRGT