Logistics giant FedEx has launched FedEx Innovation Lab (FIL) to cultivate and collaborate with rising early-stage digital startups in the key market of India as well as the wider region.
The new launch will make early-stage investments in these partnerships and bring additional value in terms of capabilities and speed to market to startup firms through the FedEx network, resources, and global customer base.
According to the company's statement, The collaborations will help the company to expand advanced digital capabilities globally as it continues to evolve its operations and product offerings to meet the needs of the modern supply chain.
The partnerships formed through FIL will benefit customers globally. FIL’s first investment is in Mad Street Den, a computer vision and Artificial Intelligence (AI) company that is a leader in enterprise AI solutions. The startup’s AI platform enables marketing, product and technology teams to improve and optimize efficiencies. Their products are deployed across several industries, including retail, healthcare, finance, media and entertainment, education, and more.
“Innovation is embedded in our business strategy. As we celebrate our 50th anniversary this year, the launch of FIL is another exciting step in creating What’s Next for our customers. We are committed to using advanced technology and data-driven insights to create smarter supply chains with differentiated offerings to deliver greater value and experience for customers,” said Kawal Preet, president of Asia Pacific, Middle East, and Africa (AMEA) region, FedEx Express.
FIL is looking for more collaborations to help create smart logistics for all. FIL’s primary focus is India, which has progressed in the ranks of the Global Innovation Index<1> and is the primary focus for FIL providing a rich pipeline of early-stage digital logistics firms from which FedEx can curate a meaningful portfolio of partners. The wider region is also a hotbed of technological innovation<2> and partnership opportunities.
“India is now home to the world’s third largest startup ecosystem and at the core of innovation strategies for global technology leaders which makes it an ideal market for the FedEx Innovation Lab to build technology-driven partnerships,” said Kami Viswanathan, senior vice president, FedEx Express, Middle East, Indian Subcontinent and Africa region. “There is much mutual benefit that can be gained through this approach as well as a tremendous opportunity to help transform the global logistics industry. We would welcome any interest from innovators with a shared interest in our vision.”