SINGAPORE, Nov. 3, 2021 /PRNewswire/ -- uParcel, a regional AI-technology driven same-day delivery platform headquartered in Singapore, announced today that it has secured S$2 million Pre-Series A funding from billionaire deep-tech technopreneur Dr Shi Xu.
Backed by its core platform technology offering significant value in the marketplace, uParcel is posting significant growth in 2021, doubling revenues yearly and overall group profitability. uParcel will use the latest funding to accelerate regional expansion and continue to scale its platform by expanding into adjacent products. While the Covid-19 situation carries challenges, the well-positioned business platform has benefited as the market pivots towards adoption of same-day deliveries in the region. uParcel's innovation has enabled this shift and facilitated various industries, including food, groceries, telemedicine, industrial spares and many more, to ride the e-commerce wave and continuing delivering products to their customers through the crisis.
uParcel AI solution changes the way of deliveries by offering optimisation in three levels; 1) single collection points, 2) multiple collection points, and 3) enroute, providing the most optimal bundles of deliveries in a given delivery window. It reduces the total distance travelled and the marginal cost of each additional delivery added to the driver. And as a result, it also reduces carbon emissions from the delivery fleet.
Mr Ng Wee Leong, Co-founder and Chief Operations Officer (COO) of uParcel, said, "uParcel's AI powered delivery platform has enabled the delivery of essentials from meat to medicine within hours, which is critical during the pandemic and beyond with the change in customers' needs. We can efficiently cluster deliveries and match them to our extensive network of delivery partners to maximise productivity. At the same time, we lifted the community by providing avenues to earn extra income through delivering on our platform. We are honoured to have Dr Shi as our investor and advisor. He is one of the pioneering leaders in Singapore's deep-technology development, and his investment is a strong vote of confidence in the potential of uParcel's technology and value propositions."
uParcel will utilise the investment to deepen research on big data and AI with Singapore's universities to develop scalable delivery infrastructure and solutions. uParcel will also be expanding into more cities in the region.
Dr Shi Xu, Founder and Executive Chairman of Nanoflim Technologies International Limited, said: "uParcel's AI logistics technology has wide applications in the increasingly digitalised world and serve as the bridge between ecommerce and consumers. The vast general data and experience generated from the deliveries can be used to build complementary products that are highly scalable."
uParcel is Singapore's technology driven same day delivery platform that has planned, matched and optimised millions of deliveries. Backed by data and a decentralised distributed model, uParcel provides point to point delivery without asset heavy centralised sorting infrastructure. Deliveries are clustered by proprietary algorithms and efficiently matched to vast network of delivery partners dynamically. uParcel has presence in Singapore and Malaysia.
Please visit https://www.uparcel.sg for more information about uParcel.
About Dr Shi Xu
Dr Shi Xu, is the Founder and Executive Chairman of Nanofilm Technologies International Limited. Dr Shi also serves as Chairman of the Board of NTUitive, the innovation and enterprise company of NTU, that manages the University's intellectual property, promotes innovation, supports entrepreneurship, and facilitates the commercialisation of research. Dr Shi founded Nanofilm in 1999 based on the filtered cathodic vacuum arc (FCVA) technology he invented when he was tenured academia at Nanyang Technological University (NTU). Nanofilm has since grown and became Singapore's technology unicorn listed on the Singapore Exchange (SGX) in October 2020. Dr Shi was named Businessman of the Year 2021 at the Singapore Business Awards.
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