Upwell
Category: AI in Supply Chain / Logistics
Upwell is an AI-driven platform that automates and streamlines accounts receivable processes for logistics and transportation companies. Upwell was founded in 2023. The company is led by Charley Dehoney. Based in Omaha, NE, USA. Team size: Not specified. Total funding raised: $10 million. Latest round: $6.5 million seed funding round led by Vertical Venture Partners. Key investors include Vertical Venture Partners, Plug and Play Ventures, Black Dog Ventures, Neverlift Ventures, Automotive Ventures, NVP, SaaS Ventures, Rise of the Rest, Invest Nebraska, Motivate Ventures.
- Founded
- 2023
- Headquarters
- Omaha, NE, USA
- Team size
- Not specified
- Total funding
- $10 million
Value proposition
Upwell helps logistics companies get paid faster by automating invoicing and payment processes, improving cash flow and reducing manual errors.
Products and solutions
AI-powered accounts receivable automation, Invoice pre-auditing and distribution automation, Online payment portal and options, Cash application/remittance processing, Automated statements and payment reminders
Unique value
Upwell's use of AI to automate complex accounts receivable processes, providing real-time visibility and predictive analytics to manage payment risks.
Target customer
Freight brokers, trucking companies, and logistics service providers.
Industries served
Logistics, Transportation, Freight Brokerage
Technology advantage
Integration with existing transportation management systems (TMS) and accounting systems, offering seamless and efficient payment processing.
How they differentiate
Upwell focuses specifically on automating accounts receivable processes, providing a unique value proposition by improving cash flow and reducing manual errors.
Main competitors
Freightos, Convoy, Trucker Tools
Key partnerships
McLeod, Sage, QuickBooks, Descartes Aljex
Major milestones
Securing significant funding to enhance AI-driven payment solutions Integrating with major logistics systems
Growth metrics
Not explicitly detailed, but the company aims to accelerate product development and scale its go-to-market efforts.
Market positioning
Upwell positions itself as a solution for logistics companies seeking to modernize their financial operations.
Geographic focus
Likely focused on the U.S. market given the integration with U.S.-based systems.
Patents and IP
Not specified
About Charley Dehoney
Charley Dehoney is a seasoned entrepreneur and executive in the logistics and technology sectors. He is the Co-founder and CEO of Upwell, a company that automates accounts receivable for logistics companies. Before Upwell, he was the CEO of Manning's Truck Brokerage and has held leadership roles at several other logistics and tech companies.
Official website: https://www.upwell.com