FedEx has invested in artificial intelligence platform Vue.ai for an undisclosed amount, according to a July 11 news release.
With the investment, Vue.ai seeks to make smarter supply chains and become the single unifying AI platform for large enterprises to "build entire vertically integrated stacks that are relevant to their industry," the release said.
Vue.ai, owned by California-based Mad Street Den, is a general-purpose platform that provides a mix of applications leveraging AI and automation for businesses in retail and other industries. It has "a focus on enriching and extracting the most out of data, letting the AI decide which models get applied when for whom and by whom based on interaction with its users," the release said.
"FedEx is committed to creating smart logistics for all and this investment will be instrumental for both parties to achieve technological innovation that benefits global customers," said Kami Viswanathan, FedEx Express senior vice president of Middle East, Indian Subcontinent and Africa operations, in a statement.
The logistics giant made the investment in the platform through FedEx Innovation Lab. The initiative focuses on providing early-stage funding for startups in India, helping FedEx expand its digital capabilities globally and allowing it to "curate a meaningful portfolio of partners," according to a May news release.
FedEx is no stranger to exploring opportunities involving AI in supply chains. The company has had a multi-year partnership with Microsoft to create logistics solutions using data and AI, with the goal of making deliveries more efficient.