Startup Led by 23-Year-Old Filipino Stanford Grad Raises P192 Million in Seed Round Funding
Filipino-founded startup Expedock announced that it has raised a total of $4 million (P192 million) in a seed round funding led by Neo CEO Ali Partovi, who has previously backed Airbnb, Dropbox, Facebook, and Uber. The amount follows a previous investment of $2.5 million (P120 million). A news release from the company said additional investors in the funding round include executives at top global startups and tech companies such as eBay, Foodpanda, coins.ph, Salesforce, Facebook, LinkedIn, and Instagram, and others.
What is Expedock
Expedock offers AI-based outsourcing services to supply chain companies globally. The company says it moves “thousands of freight containers internationally every week” using proprietary technology that allows companies to process up to 40 percent more documents per day.
According to Expedock, this AI technology—called Expedock Nuance—is a smart machine that performs tasks by simulating human intelligence, removing the need for manual data entry and processing via workflow automation.
“Businesses involved in the supply chain industry share a common headache in which most of their staff spend too much time on manual data extraction, entry, and processing from physical documents,” the company says. “With the huge volume of data and documentations needed to move products from Point A to B, manual data entry and extraction prove to be painful, expensive, and time consuming not to mention prone to error.”
Expedock’s AI makes it possible for businesses to make their processes more efficient by eliminating all data extraction and data entry work for things like airway bills, bills of ladings, and invoices. And because the smart machine works with unlimited capacity 24 hours a day, seven days a week, removing the human error aspect, turnaround time is minimized by up to 10 times and data accuracy is improved 99.99 percent.
The tech company was founded in 2019 by 23-year-old Filipino King Alandy Dy, who is also the CEO. Alandy Dy went to Stanford University on a scholarship where he connected with Rui Aguiar, now the company’s CTO. King and Rui’s background includes professional experience across tech giants like Facebook, Airbnb, Shopee, Stripe, and Intuit.
Two of Expedock's co-founders (from left): COO Jeff Tan, and CEO King Alandy Dy
During a trip back home to Manila, Alandy Dy reconnected with childhood friend Jeff Tan, who became Expedock’s third co-founder and current COO. Tan has an extensive network and experience in managing the operations of the leading global forwarder in the Philippines.
Expedock says it is backed by Tencent Holdings co-founder Liqing Zeng, Bain Capital, and Pear, among others. Its current clients list include global logistics companies like a.hartrodt, Rose Containerline, Premier Services Italia, Andalin, Fremura, CNT and MHM Global.
“We’ve seen firsthand how the errors in the first mile of shipping lead to costly corrections amounting up to $25,000 (P1.2 million),” says Alandy Dy. “Freight forwarders have had to manually encode and process significant amounts of paperwork which with one mistake could cost a company thousands of dollars to correct. With Expedock, our technology comes in to convert any paper-based documents or scans into structured data for their freight systems. Our software provides the infrastructure for their data thereby eliminating unwanted costs due to manual errors.”