While the company did not reveal the valuation based on which the financing was raised, an informed source said that it was about $60 million, according to Reuters.
The funding round is important as it comes amid the boom in the e-commerce market Covid-19 pandemic Which stimulated the demand for strong logistics services.
The use of AI-powered tools in e-commerce services is attracting investments from companies looking to improve operations and save costs.
Lucad plans to use the funding to improve its AI-powered features and develop better demand and inventory analytics.
Locad provides logistics services including order fulfillment, warehousing and inventory management.
The company’s Logistics Engine, a cloud-based software platform, integrates with e-commerce platforms allowing it to make more efficient use of inventory and manage delivery.
The startup was able to raise $11 million in a funding round last year.
Since then, Lokad said it has expanded its market presence and now has more than 300 customers across Southeast Asia and Australia.
