- Freight Technologies (aka Fr8Tech) has developed a technology solution that uses machine learning and artificial intelligence (“AI”) to help shipping and freighting companies optimize product transports and avoid costly errors
- Fr8Tech recently announced that one of its top clients, multinational insulation manufacturing company K-FLEX de México SA de CV, renewed its contract for using Fr8Tech’s core tech solution, Fr8App
- K-FLEX cited Fr8App’s benefits to the company during the difficult COVID-19 pandemic period and beyond as K-FLEX expanded its operations and approaches $1 billion in annual revenues
- Fr8Tech is continuing to expand its technology frontiers with the establishment of a dedicated AI development department within the company’s infrastructure
Supply chain optimization innovator Freight Technologies (NASDAQ: FRGT), aka Fr8Tech, helped shipping companies to keep commercial freight transportation rolling through the worst of the COVID pandemic, and the company’s dedication to its clients has resulted in a contract renewal with multinational insulation manufacturing company K-FLEX, according to a June 22 announcement.
“Fr8App delivered cross-border capacity during a difficult time for us as we worked first through the COVID-19 pandemic and then through our plant expansion challenges in Mexico and many times under conditions that others in the logistics industry were not willing to accept,” K-FLEX de México SA de CV President Maged Anis stated in the news release (https://ibn.fm/evIS0). “With our newly completed plant expansion, we will have over 100 trucks per week crossing from Mexico to the United States, and Fr8App’s solutions will play a huge role in managing our logistics seamlessly across the U.S.-Mexico border.”
Fr8Tech has assembled a family of brands surrounding its Fr8App flagship technology, which is an AI and machine learning technology that serves as a B2B freight matching platform. By simplifying the complicated process of securing international over-the-road (“OTR”) shipping, Fr8App makes it possible for freighting businesses to avoid costly errors and expand their operations.
Building on its automated strengths, Fr8Tech recently announced that it had appointed Dr. Umberto León-Domínguez to oversee the creation of a dedicated AI development department under the company’s banner to continue expanding the solutions the company can offer freighters.
“The vision of a future where AI fundamentally transforms goods transportation is exhilarating. In particular, the emergence of autonomous trucks and unmanned aerial vehicles holds the promise of increasing delivery efficiency and significantly reducing labor costs,” León-Domínguez stated (https://ibn.fm/AyHRO).
Fr8Tech’s area of operations includes shipping throughout the United States-Mexico-Canada Agreement trade area known as the USMCA (formerly NAFTA). León-Domínguez will be based in the company’s operations center in Monterrey, Mexico.
Fr8App allows users to network with each other to post their loads and the destination within the USMCA, along with the amount and desired price, and then provides matching options based on available cargo space in less-than-full truckloads already scheduled. It also provides tracking functionality for the shipment.
Fr8Tech CEO Javier Selgas noted that K-FLEX “is well on its way to surpassing $1 billion in annual revenue” and is one of Fr8Tech’s top clients, so the renewal is a cause for celebration. “We believe this is just the beginning of many great things to come,” he stated.
NOTE TO INVESTORS: The latest news and updates relating to FRGT are available in the company’s newsroom at https://ibn.fm/FRGT
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