Optym, a provider of solutions for enhancing efficiency, on Tuesday announced it has secured a strategic investment from Venture 53, an industry fund. This investment will support Optym in further developing optimization tools to address the intricate challenges faced across various modes of transportation. Terms of the investment were not disclosed.
“When choosing a capital partner, it’s important to work with a team who can provide strategic advice with a deep understanding of your industry,” said Jacob Eischen, marketing manager for Optym.
“Venture 53 supports integrated technology solutions that address age-old challenges in supply chain efficiency, which aligns with Optym’s vision to optimize transportation. The investment will also provide us with strong strategic guidance as we begin to penetrate the full truckload market, following Optym’s impressive history and experience in solving the most complex challenges in other modes of transportation.”
The Optym team looks forward to working more closely with Venture 53 founder and general partner Pat Martin, who has also spent 20 years at less-than-truckload provider Estes Express Lines and currently leads as their vice president of corporate sales and strategic planning.
Optym expands partnership with Estes Express for LTL optimization
“Estes Express Lines has been one of our longest partners and an early adopter of our solutions and has seen the benefits of optimization on planning. Now, they’ve partnered with us to expand the solutions we offer LTL carriers with dynamic linehaul and cross-docking tools,” Eischen explained to FreightWaves.
According to Optym, the company has generated over $1 billion in savings for its clients, including 5 of the top 10 LTL carriers and several clients across modes including railroad, air freight, and full-truckload.
“Across users, we’ve seen our HaulPlan solution create an 80% decrease in planning time, a 5% reduction in empties, and a 2% reduction in linehaul miles. Additionally, our DriverPlan tool created a 75% time saved in scheduling, 5% reduction in empty miles, and 3% reduction in total scheduled miles,” Eischen said.
The company looks forward to continuing to grow its offering while working hand in hand with its transportation-focused venture partner.
“[Optym is] the clear leader in optimization in the transportation industry. Every transportation company will see immediate ROI after the implementation of their software. This is one of the smartest companies I have ever seen,” Martin said in the release.
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