FedEx Corp. has launched FedEx Innovation Lab (FIL) to cultivate and collaborate with rising early-stage digital start-ups in the key market of India as well as the wider region.
FIL will make early-stage investments in these partnerships and bring additional value in terms of capabilities and speed-to-market to start-up firms through the FedEx network, resources and global customer base. These collaborations will help expand FedEx 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, said a release.
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 start-up’s AI platform enables marketing, product and technology teams to improve and optimise efficiencies. Their products are deployed across several industries, including retail, healthcare, finance, media and entertainment, education, and more.
FIL is looking for more collaborations to help create smart logistics for all. FIL’s primary focus is India, which is now home to the world’s third largest start up ecosystem and has progressed in the ranks of the Global Innovation Index. India provides 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 and partnership opportunities, the release highlighted.