APX Accelerates Growth with ADB Ventures Funding, Eyes Singapore and Malaysia for 2024 Launch

 APX Solutions, a Thailand-based logistics technology (LogTech) startup, today announced it has secured new funding from ADB Ventures to support the launch of its operations in Singapore and Malaysia in 2024.

The capital will also aid in further developing APX’s logistics platform by incorporating AI and advanced analytics capabilities. The funding round, which includes ORZON Ventures and WV Fund II participation, is expected to close in early 2024.

Rapid Scaling Fuelling Momentum

Since beginning operations in mid-2022, APX has seen immense growth, including a four to fivefold revenue increase to over USD 460,000 from its Thailand domestic services as of November 2023. It has successfully managed nearly 27,000 pallets, equivalent to over 18,900 tons of cargo, through its nationwide hub-and-spoke distribution network centred around its central distribution hub in Pathum Thani Province. APX currently serves over 90 clients spanning electronics, automotive, food and beverage, and other industries.

Eyes on the Horizon

“We are thrilled and honoured to announce the incredible support of the Asian Development Bank (ADB) as we continue on our mission to revolutionise the space-sharing economy in the overland trucking sector for partial truck loads (LTL),” stated Uwe Dettmann, CEO of APX. “ADB’s unwavering commitment is a powerful endorsement of our goal to reduce CO2 emissions by eliminating wasteful journeys and optimising truck space utilisation. We will forge ahead into other ASEAN countries, beginning with Malaysia and Singapore.”

Paving New Regional Trade Lanes

APX has set its sights on expansion to Singapore and Malaysia in 2024. By leveraging Singapore’s position as a preeminent Asia-Pacific cargo hub, APX aims to quickly develop a solid customer base for its cross-border, door-to-door LTL services connecting Thailand and SingaporeSingapore is the first international market that APX is making its foray into.

In Malaysia, APX will establish domestic LTL trucking services in Q1 2024, alongside regional operational hubs in Penang, Johor Bahru, Pahang, and a headquarters in Shah Alam. The launch in Malaysia will enable APX to service key existing cross-border clients shipping goods between Thailand and Malaysia. In the long term, APX is focused on building a sustainable LTL palletised trucking network across ThailandMalaysia, and Singapore.

Driving Positive Change

“We are enthusiastic about the transformative impact that APX brings to the logistics landscape. Their palletised model addresses the critical issue of trucking backhaul and promises substantial efficiency gains, fostering a more sustainable supply chain,” said Thitirat Sittakaradej, Investment Specialist at ADB Ventures. “At optimal efficiency, the APX model reduces emissions by at least three times on each route. We look forward to working with APX to scale its regional impact.”

Innovative Systems to Power Strategic Aims

Beyond regional expansion, the new capital injection will support advancing APX’s proprietary logistics platform through initiatives including integrating third-party software systems, boosting analytics capabilities with artificial intelligence, and refining customer- and partner-facing platforms – such as a proprietary Warehouse Management System currently in development.

Delivering the Future of Logistics

APX’s ultimate vision is to build a seamless, sustainable LTL trucking network spanning Southeast Asia, starting with ThailandMalaysia, and Singapore, that brings improved efficiency, flexibility, and sustainability to shippers through technology and innovation.