PORTLOGICS makes International shipping easy
Most South Korean business owners track overseas shipping logistics via email until their goods safely reach the destination. This comprises all administrative procedures, including logistics, customs, charges, and scheduling of transportation, and it ranges from shippers to importers. The goal of Portlogics, a South Korean digital freight forwarder that provides a robotic process automation-based forwarding management system, is to assist merchants in tracking international shipping logistics and receiving cargo status updates by digitizing the procedure.
Serial entrepreneur Hyoung-chul Choi, CEO of Portlogics, initially became aware of the ineffectiveness of tracking international logistics while running his previous company, YLP, a middle-mile logistics business that South Korean telecom SKT’s subsidiary T-Map Mobility purchased in 2021.
Shippers were unable to predict the cargo costs during the epidemic since the cost of shipping was in continual flux. In that year, Choi and three co-founders established Portlogics to address the pressing need for digital transformation in the freight forwarding industry.
Portlogics created a web-based system for merchants to manage trade orders and freight across different shipping modes.
The software application from Portlogics is now utilized by more than 26 businesses, according to Choi, who also noted that among them are significant shippers and logistics organizations like GS Global and Hyundai Bioland, which makes components for cosmetics and dietary supplements.
Korean business raised $1.6 million (2 billion won) in pre-Series from investors like K2G Fund and GS Global.
Portlogics, which now employs 19 workers (six in R&D), will use the new funding to advance the platform’s development, including by adding more staff members.
To better enable it to predict e-booking and shipping costs, the business also aims to implement artificial intelligence and machine learning, according to Choi. These technologies can make sense of the data the company has been gathering.
Additionally, Choi stated, Portlogics is in discussions with B2B SaaS security firms to help it safeguard the users of its product and strengthen its data security protocols.
Portlogics, currently targeting South Korean freight forwarding, plans to expand to Southeast Asia and the US post-2024 to tap into untapped market potential.
The research company Allied Research predicts that the global market for digital freight forwarding will grow from $2.92 billion in 2020 to $22.9 billion in 2030.
US-China tension drives increased development of chip and battery plants in the United States, stated Archi KyoungRok Kong, managing partner of K2G Fund. As this paradigm shift occurs, more Korean vendors participate in global supply chain ecosystems, resulting in increased freight forwarding from South Korea to the United States and other countries.
Hence, K2G Fund believes South Korean-based freight forwarding firms can greatly benefit from this fantastic opportunity.
Korean software technology thrived with government support, investment, and a skilled workforce, resulting in substantial growth and development. Korean software technology is known for its innovation and competitiveness.
South Korea is a leader in mobile technology, artificial intelligence (AI), gaming, and blockchain technology. Companies such as Samsung, LG, Nexon, and Netmarble are at the forefront of developing new software products and technologies. The government is investing heavily in AI R&D to be a global AI leader by 2030.
In general, Korean software technology exhibits a skilled workforce, government support, and a strong emphasis on innovation and growth.
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