Tech Startup Secures Over $6 Million to Unlock Ubiquitous Supply Chain Insights

WASHINGTON, Sept. 23, 2024 /PRNewswire/ — Freight brokers face two significant challenges when moving freight by truck: fragmentation and fraud. Trucking is one of the most fragmented industries in the U.S., with millions of trucks crisscrossing the nation’s highways daily. Securing the right truck at the right time remains a legacy problem, exacerbated in recent years by the sharp rise in fraud and theft from posting loads on public load boards.

Virginia-based GenLogs is tackling both issues by developing a nationwide network of roadside sensors that passively collect data on truck movements and extract key details, such as the U.S. Department of Transportation (USDOT) and motor carrier (MC) numbers, as well as the equipment types and logos – all in real-time. This approach provides comprehensive, end-to-end visibility of trucks without the need for hardware installation, device integration, or an app. The data is available via a user interface or ingestible via API for access in a freight broker’s transportation management system (TMS).

Investors see the significant impact GenLogs can have on the U.S. supply chain. In April, GenLogs closed a seed round led by Autotech Ventures and Steel Atlas with participation from Venture53, TitletownTech, Plug and Play Ventures, BBQ Capital, ASC Ventures, and JHH Ventures. GenLogs has raised more than $6 million and plans to use this funding to expand its sensor network and a suite of computer vision models to provide customers with an omniscient view of the transportation industry.

“We’ve never seen logistics software with such strong market demand,” said Burak Cendek, partner at Autotech Ventures. “Our network is eager to use GenLogs, discovering new use cases as they go. This ‘god view’ is disruptive enough to render legacy platforms obsolete. Building this platform from scratch showcases GenLogs’ exceptional execution, and we’re excited to be a part of this rocket ship journey.”

Freight brokers can seamlessly access comprehensive data through GenLogs’ intuitive Freight Intelligence platform. Launched just two months ago, it is already used by five of the top 10 U.S. freight brokerages, carriers, and mid-market customers via a SaaS subscription model. The data provides real-time insights into available trucking capacity so 3PLs can secure the right truck at the right place and time with the perfect equipment match in need of a backhaul.

The platform has been widely praised for its effectiveness in securing truck freight. As one user described, “It’s like playing a video game on ‘god mode’—a true cheat code for 3PLs. We have been able to significantly reduce our reliance on load boards where fraud is rampant. Soon, you won’t be able to compete as a broker without GenLogs.”

The GenLogs team has deep roots in tracking and locating. Its three co-founders spent decades in the U.S. intelligence community tracking terrorists, and now they track trucks.

“The entire market wants comprehensive data on all truck patterns, but placing sensors on four million trucks is a pipe dream,” said Ryan Joyce, CEO of GenLogs. “Using a proprietary roadside sensor network enables us to collect all that same data on the four million trucks without needing their permission.”

GenLogs’ board member, Talal Attieh of Steel Atlas, stated, “GenLogs has developed the world’s most robust freight intelligence platform that fundamentally changes how freight brokers, carriers and shippers operate across the U.S. Their technology provides essential visibility into real-time trucking needs. GenLogs’ mission aligns directly with our thesis of eliminating volatility across the industrial value chain.”

“We initially worked with GenLogs for specific use cases – such as asset recovery – but are now exploring additional opportunities that could positively impact revenue,” said Daragh Mahon, EVP and CIO of Werner Enterprises. “Their centralized data platform is unlike anything in the industry, helping us reduce costs and optimize operations by providing improved data on freight patterns and potential capacity. GenLogs combats fraud and drives operational efficiency, offering real-time tracking of niche equipment and direct connections with carriers. The ROI potential is significant.”

In addition to offering valuable insights into truck carriers, GenLogs provides unique visibility into more than 250,000 shipper locations, their lanes, and load volumes. This provides freight brokers with the critical data needed to engage and secure new business while ensuring customers have access to a reliable and expansive trucking network to manage increased demand.

Through its Asset Locator, GenLogs acts as a safety net by enabling alerts for missing or stolen trucks or trailers, helping reduce fraud and theft. This feature recently helped a trucking company recover over 200 stolen or missing trailers within just two months of joining the platform.

For more information about GenLogs, please visit www.genlogs.io or email contact@genlogs.io

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SOURCE GenLogs

AUSTIN, Texas, Sept. 23, 2024 /PRNewswire/ — Ideal Power Inc. (Nasdaq: IPWR) (“Ideal Power,” the “Company,” “we,” “us” or “our”), pioneering the development and commercialization of the highly efficient and broadly patented B-TRAN™ bidirectional semiconductor power switch, today announces an agreement with Sekorm Advanced Technology (Shenzhen) Co., Ltd. for the distribution of Ideal Power’s products throughout China.

“This is a significant development in the commercialization of our B-TRAN™ technology as we add Sekorm as a third distributor for our products. Sekorm stands out for their expertise in demand creation throughout China, strong technical sales capability and securing sales for new technologies. This leading demand-creation distributor addresses B-TRAN™ target industrial and automotive markets in China, the world’s largest market for power semiconductors. We look forward to collaborating with Sekorm to secure orders that may potentially lead to design wins and/or custom development agreements,” said Dan Brdar, President and Chief Executive Officer of Ideal Power.

Ideal Power has agreements with three distributors with demand generation expertise and comprehensive customer networks that expand our global reach: Richardson Electronics, Ltd. for global distribution of Ideal Power’s products; RYOSHO U.S.A, INC. (“RYOSHO”), a subsidiary of RYODEN CORPORATION (TSE: 8084), for the global distribution of Ideal Power’s products with particular strength in Japan; and Sekorm Advanced Technology (Shenzhen) Co., Ltd. for distribution of Ideal Power’s products throughout China.

Ideal Power utilizes an asset-light business model leveraging the large investment already made in silicon processing, distribution, demand creation and support infrastructure. This business model allows the Company to continue focusing on disruptive B-TRAN™ technology improvements and commercialization while driving working capital efficiency.

About Ideal Power Inc.

Ideal Power (NASDAQ: IPWR) is pioneering the development and commercialization of its broadly patented bidirectional semiconductor power switch, creating highly efficient and ecofriendly energy control solutions for electric vehicle, electric vehicle charging, renewable energy, energy storage, UPS/data center, solid-state circuit breaker and other industrial and military applications. The Company is focused on its patented Bidirectional, Bipolar Junction Transistor (B-TRAN™) semiconductor technology. B-TRAN™ is a unique double-sided bidirectional AC switch that delivers substantial performance improvements over today’s conventional power semiconductors. Ideal Power’s B-TRAN™ can reduce conduction and switching losses, complexity of thermal management and operating cost in AC power switching and control circuitry. For more information, visit the Company’s website at www.IdealPower.com, on LinkedIn, on Twitter, and on Facebook.

About Sekorm Advanced Technology (Shenzhen) Co., Ltd.

Founded in 1993 and headquartered in Shenzhen, Guangdong, China, Sekorm Advanced Technology (Shenzhen) Co., Ltd. is recognized as a professional demand creation distributor for integrated circuits, components, electronic material and electrical modules and instruments. Sekorm is a distributor serving over 10,000 customers and has received numerous awards from customers and suppliers which recognize its leading demand creation capabilities, extensive R&D services, network of field application engineers, and its online platform for technical support and order processing with over one million users. For more information, visit Sekorm’s website at www.sekorm.com.

Safe Harbor Statement

All statements in this release that are not based on historical fact are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. While Ideal Power’s management has based any forward-looking statements included in this release on its current expectations, the information on which such expectations were based may change. Such forward-looking statements include, but are not limited to, statements regarding our collaboration with Sekorm potentially leading to design wins and/or custom development agreements. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties and other factors, many of which are outside of our control that could cause actual results to materially differ from such statements. Such risks, uncertainties, and other factors include, but are not limited to, the success of our B-TRAN™ technology, including whether the patents for our technology provide adequate protection and whether we can be successful in maintaining, enforcing and defending our patents, our inability to predict with precision or certainty the pace and timing of development and commercialization of our B-TRAN™ technology, including the timing of the completion of our wafer fabrication runs with our semiconductor fabrications partners, the rate and degree of market acceptance for our B-TRAN™, the impact of global health pandemics on our business, supply chain disruptions, and the expected performance of future products incorporating our B-TRAN™, and uncertainties set forth in our quarterly, annual and other reports filed with the Securities and Exchange Commission. Furthermore, we operate in a highly competitive and rapidly changing environment where new and unanticipated risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. We disclaim any intention to, and undertake no obligation to, update or revise forward-looking statements, except as required by applicable law.

Ideal Power Investor Relations Contact
Jeff Christensen
Darrow Associates Investor Relations
jchristensen@darrowir.com
703-297-6917

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SOURCE IDEAL POWER INC.

BETHESDA, Md., Sept. 23, 2024 /PRNewswire/ — SAR, a data analytics company specialized in the securities litigation risk of public companies, announces the appointment of Anthony Kabanek to Executive Vice President and welcomes him as a member of the executive leadership team.  The company also announces the publication of its inaugural U.S. Securities Litigation Risk Report, and the launch of the ACE AlertSM subscription service.  The ACE AlertSM subscription empowers strategic corporate executives, legal and investment professionals with trusted data-driven insights on the securities litigation risks facing corporate directors and officers of public companies listed on the NYSE or NASDAQ.

Anthony will spearhead the company’s business development objectives to optimize executive and financial risk-transfer solutions with responsible technological innovation.  He leads a team focused on building relationships with leading insurers that offer superior management liability insurance.  His goal is to deliver the value of trusted analytics and bespoke data licensing solutions of the SAR PlatformSM to multinational insurance and reinsurance companies.  

“Anthony brings successful business development and corporate sales experience to SAR.  I am thrilled to welcome him as a valued member of our leadership team to lead the execution efforts of key business development initiatives,” said Nessim Mezrahi, CEO.

Prior to joining SAR in 2024 from Microsoft, Anthony had two decades of corporate sales experience.  Anthony was a servant leader for successful teams at Microsoft, Intel 471, FireEye, and Mobius Partners by partnering with executive managers to deploy and implement technology solutions for Fortune 50 companies.  He is a 23-year veteran of the U.S. Navy Reserves, currently holding the rank of Commander.  Anthony served as the U.S. Naval Attaché for the U.S. Embassy in Madrid; was the Chief Military Liaison at the U.S. Consulate General Dutch Caribbean; served as Operations Officer, USCENTCOM/USSOUTHCOM; and was a Platoon Intelligence Officer with Navy Special Operations.

“I am excited to join SAR and lead the company’s growth journey by honoring the ethos of its mission.  We will execute our business development objectives with integrity and a commitment to delivering value for our corporate customers to better protect directors and officers of U.S.-listed companies,” said Anthony Kabanek, Executive Vice President.

Today, SAR also announces the publication of the inaugural U.S. Securities Litigation Risk Report.  The research report presents the impact of Adverse Corporate Events on the market capitalization of companies that trade on the NYSE or NASDAQ.  After six years of independent research and development by SAR, the organization has executed its commitment to publish data-driven results of stock price performance in response to the frequency and severity of Adverse Corporate Events to more accurately quantify the securities litigation risks that impact issuers.  SAR relies on the uniform and proactive application of the court-accepted event study methodology to continually test stock price reaction in response to corporate disclosures of U.S. and non-U.S. issuers to more accurately identify, track, and estimate the economic impact of Adverse Corporate Events.

Today, SAR also announces the launch of the ACE AlertSM subscription service to offer unparalleled analytical prowess and transparency to key stakeholders that seek an innovative data-driven advantage to win in a highly competitive market.  The ACE AlertSM is an essential risk management analytics tool that tracks the frequency and severity of Adverse Corporate Events every trading day based on issuers’ corporate disclosures. 

You can sign-up to fortify executive risk coverage and loss mitigation solutions to better protect directors and officers that choose to trade in American stock exchanges by clicking here: https://www.sarlit.com/acealerts

Media contact: info@sarlit.com  

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