A Minnetonka-based platform for streamlining invoices and audits for the logistics industry has raised $5 million in seed funding.
Navix announced Tuesday that the equity financing, led by several angel and industry investors, will be used to further develop its product, including with new features and functions, and expand its customer-success and onboarding teams, the company said.
“This raise is a validation of the overwhelming need for our platform in the logistics industry,” Eric Krueger, co-founder of Navix, said in the announcement. “Everyone knows document retrieval and freight audit have been industry headaches for a long time. … Until Navix, no other company in the industry has successfully addressed the entire process from beginning to end.”
Founded in 2021, Navix provides third-party logistics providers and brokers with a way to automate their back-office tasks, such as invoicing and auditing. The company was a spin-off from Delafield, Wis.-based Evans Transportation Services Inc., which is among the platform's users, Krueger said.
Other companies that use Navix's platform include Blue Ash, Ohio-based SunTerra Logistics and Charlotte, N.C.-based Armstrong Transport Group, the company said.
Initially based out of Florida, the company is now based in Minnetonka, Krueger said. Using artificial intelligence and machine learning, the platform provides business insights and identifies errors in invoices while offering solutions to correct them, the company says.
The firm has eight U.S.-based employees now and is looking to add more in the Midwest, Krueger said.
Atlanta-based Venture 53 was among the investors in the funding round. The pure play logistics and transportation venture capital fund announced last week that it had invested in Navix and two other companies in the industry. Other Navix investors included Tommy Barnes, chief revenue officer at MyCarrier, and Rob Estes, chairman and CEO of Estes Express Lines, the company said.
