In our mission to invest in world-class technologists, we are excited to announce our investment in Adam Compain, Will Harvey, and Diego Canales - the founding team at ClearMetal, a predictive logistics company, applying data science to unlock unprecedented efficiency for global trade. Adam, Will, and Diego are tackling a challenging problem that has the opportunity for large-scale impact in how we optimize the movement of goods across an increasingly global economy.
We enjoyed getting to know Adam, Will, and Diego over the past few months - all strong technologists with expertise in artificial intelligence, computer science, and operations research. In addition to having a rockstar team, ClearMetal is tackling a highly-complex and large industry: Logistics. Currently, large shipping carriers spend hundreds of millions per year storing excess containers in the yard or repositioning containers empty, missing out on customer shipments because containers are not available, and under-utilizing space on vessels - not to mention producing 3% of global carbon emissions. While relevant data is being captured, the size and complexity of it combined with the lack of adequate technology to drive insights and recommendations, leaves the door open for improvement.
To solve the problem of shipping asset efficiency, ClearMetal leverages the latest in machine learning to resolve uncertainty in the shipping landscape and forecast the future with clarity. With clear predictive intelligence, carriers gain the foresight to geographically position and utilize their container/vessel assets most effectively. As a result, shipping carriers see tens of millions in global cost reduction and revenue improvement (by being more asset-efficient).
We could not be happier to welcome Adam, Will, and Diego to the Innovation Endeavors family, and we look forward to seeing ClearMetal transform the global shipping landscape.