VendorConnect, Inc. ("VendorConnect"), Miami-based, AI-powered document processing platform, announces its selection as one of the 12 startups in the Techstars Miami powered by J.P. Morgan Fall 2024 class.

Giulio Profumo, Founder and CEO, VendorConnect, said, “We are thrilled to join Techstars Miami, powered by J.P. Morgan Fall 2024 Class. This marks a significant milestone for our team and reinforces our ongoing commitment to our vision: Empowering businesses to leverage AI with ease. VendorConnect helps companies automate tiresome manual document processing and improve operational efficiency.” Commenting on joining the Techstars program, Giulio added, “We are eager to immerse ourselves in the Techstars’ highly selective program, to accelerate our growth and create a lasting impact here in Miami, a global hub for transportation and logistics and the gateway to the Americas.”  

Giulio Profumo and Co-founder Luciano Cases, founded VendorConnect with the mission of leveraging AI to make data extraction, document processing and workflow automation easier for businesses. Logistics companies and supply chains process a large number of documents such as bills of lading, commercial invoices, supplier invoices, certificates, customs documents, packing lists and so on. Most of the data in these documents is locked up in hard-to-process formats such as e-mails, scanned copies, images, and PDFs. Processing data manually from these documents is not only time consuming, but highly expensive and error-prone. Current legacy systems and processes require employees to review each document manually and enter data into TMS, WMS, CRMs, ERPs, or Excel files.

Using APIs and no-code automations, VendorConnect helps companies to automate document data processing, extracting valuable data from documents in just seconds. Reducing manual document processing by over 90%. VendorConnect’s AI engine transforms unstructured data into high quality structured data that can be readily used for analysis. Using VendorConnect’s solutions, companies accelerate document data extraction, processing and comprehension, to gain operational efficiency and improve profitability.

VendorConnect is focusing on expanding across North America and LATAM, to transform the highly fragmented logistics industry through AI-driven automation. Co-founder and COO Luciano brings deep industry expertise from his 15 years working in the logistics sector across Latin America, where he established a successful freight forwarding business and worked extensively with major logistics companies.

“Having grownup and worked in Chile, I experienced firsthand the challenges faced by logistics companies across Latin America. The inefficiencies in document processing are not just a local issue but a widespread problem that impacts profitability and scalability across the region. With VendorConnect, we aim to provide a solution that leverages AI to automate these processes, making it easier for businesses to operate efficiently and grow”, said Luciano. “Small and medium-sized logistics operators, who handle 90% of global shipments, rely heavily on processing documents manually and face difficulties hiring back-office talent to process more documents and scale. They need a solution like VendorConnect, to help them do more with their existing workforce.“

Andres Barreto, Managing Director, Techstars, added, "When we met Giulio and Luciano, we were impressed to see that despite being at the cutting edge of AI/ML, VendorConnect’s product is no-code and super intuitive — which makes it extremely easy for their clients to adopt. We were also really inspired by Giulio's vision of using document data extraction as a wedge to build a much deeper process automation platform. With very little capital, Giulio and Luciano have built a stellar team and super impressive scale, and we are really excited to partner with them on this journey to build a large global tech company."

With the global logistics market projected to generate over $16 trillion by 2032, one of the biggest headaches for most industry players is managing the series of stringent documentation processes required to move products internationally. This time-consuming process consumes a significant amount of employee bandwidth that could otherwise be allocated to revenue-generating activities. At the same time, it makes businesses vulnerable to incurring unwanted costs due to manual data errors.

VendorConnect looks forward to showcasing its progress and accomplishments at the Techstars Miami Demo Day in December 2024.

About:

VendorConnect is building a future where businesses can leverage AI with ease, to automate data extraction and document processing workflows. Companies use VendorConnect to reduce manual efforts, improve turnaround time by 90%, and eliminate errors.

For more information, visit www.vendorconnect.ai  

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