FedEx Corp. (NYSE: FDX) 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.
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. Their products are deployed across several industries, including retail, healthcare, finance, media and entertainment, education, and more.
“India is at the core of innovation strategies for global technology leaders. Following the recent announcement of our plans to open the first Advanced Capability Community in Hyderabad, FIL further reinforces the importance we place on tapping new technologies and a wide range of talent,” said Kami Viswanathan, Senior Vice President, FedEx Express, Middle East, Indian Subcontinent and Africa region. “There is much mutual benefit that can be gained as well as a tremendous opportunity to help transform the global logistics industry. We would welcome any interest from innovators in India with a shared interest in our vision.”
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.
“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).