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A Kent technology startup which hopes to transform the ‘extremely inefficient’ freight industry has raised more than £550,000 in an equity crowdfunding round on SyndicateRoom.

TGMatrix, based in Tonbridge, specialises in the development and deployment of complex transportation optimisation system.

The business said it hopes to put an end to the freight industry’s reliance on laborious, manual operations that ‘so significantly contribute to the market’s problems’.

It added that it wants do for the freight market what Uber has done for the taxi market.

The company plans to target freight markets in the UK, Continental Europe and ultimately worldwide, addressing the ‘inefficiencies currently rife in the freight industry, driven principally by a lack of central coordination and automation’.

TGMatrix has already secured the support of industry heavyweights such as Kimberly Clark, Sainsbury’s, PD Ports, Alliance Boots, Eddie Stobart and global logistics giant DHL.

Founder Brian Bolam said: ‘The logistics industry is currently extremely inefficient and still heavily reliant on laborious manual processes.

‘Using smart technology to bring the industry into the internet age will benefit shippers with lower prices, carriers with better margins and society at large due to reduced emissions and congestion.’

Read the full article here.