FedEx Innovation Lab (FIL), which invests in early-stage digital start-ups in India, will be using artificial intelligence (AI) and related digital technologies to improve data insights into its supply chain.
This investment represents part of the company’s broader ambition to improve its digital capabilities globally and modernise its supply-chain operations.
The recent financing has gone to Vue.ai, which is owned by California-based computer vision and AI firm Mad Street Den. It operates a data-focused AI platform and is designed to help companies scale AI across their operations.
The AI decides which models are applied when and where throughout a company, based on interaction with users.
Modular in design, the platform was developed to be applicable across a range of industries and applications.
“FedEx is committed to creating smart logistics for all and this investment will be instrumental for both parties to achieve technological innovation that benefits global customers,” said Kami Viswanathan, senior vice president, Middle East, Indian Subcontinent and Africa, FedEx Express.
“This collaboration will also help expand FedEx’s advanced digital capabilities as it continues to differentiate its portfolio offerings to meet modern supply chain and logistics needs.”
Customers can reportedly use both a combination of preset models and data science and machine learning (DSML) tools through the platform, enabling them to build their own data insight models on top of the initial platform set-up.