FedEx Corp. announced that it has launched FedEx Innovation Lab (FIL) to cultivate and collaborate with rising early-stage digital start-ups in India — it noted as a "key market" — as well as the wider region.
In a statement, it noted that 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," FedEx said, adding that 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 start-up's AI platform enables marketing, product and technology teams to improve and optimize efficiencies.
FedEx noted that 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, FedEx Express, Asia Pacific, Middle East, and Africa (AMEA).
The announcement noted that FIL is looking for more collaborations to help create smart logistics for all. Its primary focus is India, which has progressed in the ranks of the Global Innovation Index 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.
It added that the wider region is also a hotbed of technological innovation and partnership opportunities.
"India is now home to the world's third largest start up 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," Viswanathan added.