Open deck transportation | EXO Freight | Royal Oak
EXO Freight is the worlds first open deck transportation Marketplace. We connect open deck shippers and flatbed carriers while offering a transportation management system to manage it all.
www.exofreight.com
Introduction
In May 2022, I embarked on a transformative journey with EXO Freight, a company poised to revolutionize the underserved flatbed freight industry with a modern technology platform. We developed our core product, Pulse, to streamline operations for small to midsize businesses and leverage a network of over 20,000 carriers nationwide.
- For Shippers: Pulse provides a seamless interface to build shipments and receive accurate quotes using our proprietary pricing algorithm.
- For Carriers: The platform simplifies managing loads, tracking payments, finding discounted fuel, and bidding on freight opportunities.
My work spanned several business areas:
- Financial Services Integration: I wrote software to integrates our operations with traditional banking systems, allowing carriers to receive expedited payments—often within minutes, bypassing typical delays associated with ACH transfers.
- Factoring Business Development: I supported the development of a financial model where we advance payments to carriers upon shipment completion while managing the 30-day invoicing delay. This system provides immediate liquidity to our partners and scales independently to bolster the broader business.
Journey and Challenges
Our initial approach combined the familiar grounds of freight brokerage with the innovation of a tech platform. As the software matured, we saw positive growth and adoption, signaling a successful integration of technology into an industry ripe for innovation. Our technology platform was well-received, improving efficiencies for customers and carriers alike and expanding our impact.
However, scaling the brokerage alongside the technology presented significant challenges. Balancing revenue growth against profit margins became a complex dance—increasing revenue often meant thinner margins, and focusing on margins could lead to lost revenue opportunities. This dichotomy led to strategic decisions to downsize our team to extend our financial runway, which complicated internal operations and affected customer relationships.
Impact and Reflections
Despite these challenges, my tenure at EXO Freight significantly enriched my professional development. I advanced my skills within a large engineering team and led high-stakes projects, enhancing my capabilities as both an engineer and a product manager. Through navigating complex product decisions and witnessing the fruition of multiple projects, I have left a lasting imprint on the company and the industry.
This role not only provided me with invaluable experience in software development and operational strategy but also highlighted the delicate balance required to innovate within traditional industries. It has prepared me for future endeavors where I can apply these insights and continue to make a meaningful impact.
Press
EXO closes Chattanooga office to focus on managed transportation tech
Open-deck transportation marketplace EXO Freight closed its physical office in Chattanooga, Tennessee, and laid off most of its employees to focus on improving its technology for enterprise shippers and their managed services.
www.freightwaves.com
FreightWaves announces 2024 FreightTech 100 companies
FreightWaves has unveiled its 2024 FreightTech 100 list, spotlighting tech-forward companies that have best navigated a turbulent year. The post FreightWaves announces 2024 FreightTech 100 companies appeared first on FreightWaves.
finance.yahoo.com
EXO Freight raises $15M to meet growing open deck trucking demand - FreightWaves
EXO Freight said it has raised $15 million to continue building onto its digital freight marketplace tailored to the open deck trucking markek.
www.freightwaves.com
Startup EXO Freight Tackles Lack of Open-Deck Marketplaces, Closes on Seed Round
On Tuesday, Freight marketplace EXO Freight announced it has recently closed on an undisclosed amount of seed round funding led by 1984 Ventures with participation from I2BF Global Ventures and Lancaster Investments. EXO Freight wants to continue executing its goal to defragment the transportation market, particularly for shippers moving goods on open-deck trailers. With experience working at brokerage capacity management platform Parade, co-founders and twin brothers Kurtis and Kris Tryber esta
finance.yahoo.com
