A supply chain focused computer vision software startup is looking to expand its market presence in Europe and the Americas after closing a €2.5 million (approx. $2.6 million) funding round.
Spanish-based AllRead, founded in 2019, provides artificial vision software to help seaports and terminal operators detect and identify assets across shipping and logistics supply chains. Currently in use in more than 30 seaports, the software connects to any fixed, mobile or drone camera to detect and identify assets circulating on the platform, including freight containers, wagons, security seals, license plates and dangerous goods among others, the company said.
Its recently closed round was backed by Tech Transfer Agrifood Fund (TTAF), led by venture capital firm Clave Capital, as well as Decelera Ventures, Puertos del Estado 4.0 public fund, CDTI and several business angels, AllRead said.
The firm's first funding round in 2020 was led by Global Omnium through its corporate venturing fund GoHub Ventures, and counted with family offices and ESADE BAN business angels. AllRead has also received support from the Government of Catalonia through the ACCIÓ program and the Spanish Ministry of Science and Innovation.
"Our vision is to achieve the world's highest standard for text, codes and symbol recognition, to drastically reduce the initial investment that any port operator requires for the correct traceability of their assets," said Miguel Silva-Constenla, AllRead CEO and co-founder. "Software and artificial intelligence are built by people, and we will continue to invest heavily in the best available talent to achieve this goal."
According to Marçal Rossinyol, AllRead CTO and head of product development, "Our solution is based on neural networks that generate readings directly without the need for character-by-character recognition. This represents a disruption of traditional OCR (Optical Character Recognition) which has many limitations in unconstraint environments such as those prevalent in ports, logistic terminals and railways."