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AI becomes truckload matchmaker

HAMBURG: March 24, 2017. As PwC releases a report suggesting 950,000 jobs will be lost in the UK transport sector from the use of artificial intelligence (AI), German truck and load matchmaker Cargonexx says its self-learning technology has made it "the biggest and fastest growing transportation start-up in Europe".

German gigalinerThe company says because its AI technology predicts spot market prices for individual loadings within milliseconds, 1,700 carriers have signed up to its network in the first four months of operation.

The network is free to truckers as the company says it makes money on the margin between buying and selling the shipment and the capacity.

"Our target group are not the small shippers, but the middle-sized and big freight forwarders," explained co-founder and CEO Rolf-Dieter Lafrenz. "Cargonexx makes their life much easier and cheaper. This is why they want us to grow."

Together with his co-founder Andreas Karansas the two men believe data intelligence is the future of transportation: "The spot market is the first step," according to Karansas. "The neural network is learning from historic and current freight data and improves its accuracy every day. Soon it will not only be able to predict prices, but also transportation volumes, regional peaks and shortages."

Cargonexx launched its service Germany last year and expects to expand into neighboring Poland, Austria and the Netherlands. "We are the first transportation company with an artificial intelligence technology in Europe," claimed Lafrenz. "With our data intelligence we will be able to offer many new smart services to shippers, freight forwarders and carriers, and we are willing to extend this competitive advantage as fast as possible."

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