EIT Digital Challenge - The Review
Cargonexx was voted one of the best European deep tech startups by EIT in 2018. The EIT challenge is an initiative supported by the European Union that wants to help fast growing companies develop further and foster growth. At the challenge last year, Cargonexx prevailed against hundreds of other companies that applied.
Cargonexx's vision is to revolutionize the trucking logistics market by combining supply and demand with AI. Shippers that want goods to be transported are matched with carriers by a completely digitized process. That way Cargonexx is disrupting a market where it is normal that transports are forwarded multiple times leading to extreme market intransparency.
Intelligent algorithms eliminate these intransparencies leading to an advantageous situation for all parties involved. Shippers get a real-time price indication while the carrier’s empty capacities are reduced by matching the capacities in an optimized way. Currently, every third truck runs empty — this problem has been solved by Cargonexx, which is one of the reasons for the award by EIT. Meanwhile, this concept helps reducing the CO2 emissions by tons from every truck that is being optimized.
The EIT challenge has significantly helped Cargonexx to increase the focus on innovative concepts in the trucking market. Especially international attention has enabled Cargonexx to expand in other European countries and it plans to continue its expansion.