Dynamo Dispatch (2025/06/09)
Issue 334 | Aircapture, Voxel, Treefera
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Weekly Commentary 💭
Global trade volatility continues to be front and center as May data shows China’s exports to the US saw their steepest drop since 2020, while a 90-day tariff reduction sent trans-Pacific ocean rates soaring 88%. Leaders in Washington and Beijing resumed talks, but rare-earth tensions and policy uncertainty continue to cast a shadow over global supply chains. Meanwhile, Amazon advances humanoid robot delivery trials, Plus eyes a $1.2B SPAC debut, and warehouse vacancy rises signal a cooling industrial real estate market amid overbuilding.
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⭐ China’s Exports to US Suffer Biggest Decline Since 2020. Chinese exports to the US fell 35% YoY in May—the steepest drop since early 2020—despite a recent tariff reduction, highlighting the lingering damage from ongoing trade tensions. While overall Chinese exports rose 4.8%, the figure missed expectations and was paired with a 3.4% decline in imports, signaling weak domestic demand. The US and China have agreed to a temporary reduction in tariffs, but deep mistrust and unresolved disputes continue to weigh on trade relations and business confidence. Meanwhile, China faces growing economic pressure at home, with deflationary trends persisting and consumer demand remaining subdued despite government stimulus efforts. Related, Tariffs to Spur Inflation, Slow US GDP Growth to 1.6% This Year: OECD and Post-Tariff US Container Imports Down 13% Year on Year.
New World Order: Ocean Rates up 88% as Shippers Pounce on Lower Tariffs. Spot freight rates on trans-Pacific routes have surged dramatically, with mid-high rates from the Far East to the US East Coast rising 88% since early May to $6,100 per FEU, driven by a rush to ship goods during the temporary 90-day decrease in US-China tariffs. Similar increases were seen on other trade lanes, including the Far East to North Europe, where spot rates have climbed 32% amid rising demand and global supply chain uncertainty. Analysts expect this rate spike to be short-lived, with pricing pressures likely easing as shipping capacity returns and inventories normalize. Also, China-ECSA Spot Rates Climb Amid Bullish Market Pressure.
Trump, Xi Agree to Resume Trade Talks as Rare-Earth Tensions Simmer. President Trump and President Xi held their first official phone call since Trump’s return to office, signaling a willingness to reopen dialogue on trade, technology, and supply chains. The conversation comes amid escalating friction over rare-earth mineral exports, with Beijing refusing to lift controls despite US pressure. While the markets briefly reacted positively, no immediate agreements were announced, and the 90-day tariff pause remains set to expire in July. This underscores the likelihood that strategic materials—especially those tied to EVs, defense, and semiconductors—will remain highly politicized and volatile assets that must be actively risk-managed. Related, EU Urges China to Loosen Rare Earth Curbs as Carmakers Near Crisis Point.
Amazon Builds ‘Humanoid Park’ to Train Robots for Doorstep Delivery. Amazon has quietly constructed a specialized facility in San Francisco to train bipedal humanoid robots for last-step delivery. Robots transported in Rivian electric vans will practice navigating stairs, curbs, and porches—automating the most labor-intensive part of the delivery chain. The initiative is backed by a newly-formed “agentic AI” group focused on natural-language-driven robotics, and full pilot deployments could begin within months. If successful, this would mark a leap forward in logistics automation and potentially reduce Amazon’s dependence on human gig workers. Related, Renault Group Finalises a Strategic Partnership with Wandercraft.
Plus to Go Public via $1.2B Churchill SPAC, Targeting 2027 Driver-Out Freight. Autonomous freight tech company Plus is merging with Churchill Capital IX in a $1.2B SPAC deal to go public and raise $300M. The funds will be used to finalize development of its Level-4 SuperDrive platform and begin factory-integrated production with OEM partners by 2027. Plus already has trials with major players including Amazon and Transplace, and its relaunch comes amid resurging SPAC interest and continued long-haul driver shortages. The announcement positions Plus as a serious contender in the autonomous freight race and signals growing investor belief in logistics automation as a key cost-reduction and capacity-scaling strategy.
CH Robinson, Ikea, Others Join Coalition to Test Heavy-Duty EVs. Ikea, Electrolux Group, CH Robinson, and DHL have joined the Smart Freight Centre’s I-10 coalition to pilot long-haul electric truck operations along the Los Angeles–El Paso corridor. The initiative aims to aggregate demand, fund EV infrastructure, and accelerate the industry-wide adoption of battery-electric heavy-duty vehicles. Each company brings prior experience with fleet electrification—such as Ikea’s commitment to zero-emissions transport by 2040 and DHL’s growing EV fleet across multiple US states. The coalition reflects a broader push by major shippers and carriers to decarbonize freight operations and reach net-zero emissions goals. Elsewhere, Lucid Strengthens US Supply Chain with New Graphite Material Supply Agreement with Graphite One.
Canada’s Package Delivery Chaos Worsens as DHL Locks out 2,100 Workers After Canada Post Chaos. DHL Express Canada has locked out over 2,100 unionized workers after failing to reach a new labor agreement with Unifor, following months of negotiations and a 72-hour strike notice. Unifor claims DHL introduced last-minute demands including lower pay, fewer guarantees, and increased use of non-compensated travel, while the company insists it will maintain operations and offered a 15% wage increase over five years. The lockout affects couriers, warehouse staff, and call center employees serving major clients like Lululemon and Shein, and raises broader concerns amid Canada’s strained logistics sector. Unifor has warned of replacement workers being brought in and urges members to resist pressure tactics as the dispute continues.
BIMCO Looks to Set Contract Standard for Charging USTR Port Fees. BIMCO, the global maritime contract authority, is developing a standard clause to help carriers and shippers navigate new US port fees targeting Chinese ships and operators, which are set to take effect on October 14 and significantly raise shipping costs. These tariffs, introduced by the U0S. Trade Representative, create legal and operational uncertainties, especially for container shipping due to its complex routing and alliance structures. While carriers may attempt to avoid the fees by reconfiguring networks or using non-Chinese vessels, these changes will still involve additional costs that are likely to be passed on to shippers. Totally unrelated, Wing, Walmart Bet Big on Drone Delivery With 3-State Expansion.
Businesses Revamp Procurement Amid AI Adoption Swell. Enterprises are revising procurement practices to account for the rapid rise of AI, with many adding stricter evaluation criteria and using large language models more frequently in research. Over two-thirds of decision-makers are willing to pay more for AI-powered software—if it delivers clear value—while nearly half have already switched vendors to access better AI features. Despite widespread enthusiasm, many IT leaders admit to rushing adoption, with growing concern over prematurely launched pilots and external pressure from vendors. Experts advise companies to adopt a more disciplined approach, emphasizing data readiness and rigorous tool assessment to ensure long-term success. Completely unrelated, Project Cargo: Oversized and Heavy, Posing Risks Outside the Norm for Ports.
Warehouse Vacancy Rises as Oversupply Hits US Industrial Market. In Q1 2025, the US industrial real estate sector experienced a significant increase in warehouse vacancies, reaching a national rate of 7%. This rise is attributed to speculative construction outpacing demand, with over 61% of the 73M square feet delivered during the quarter coming online without tenants. Speculative developments accounted for 71% of new deliveries, indicating a potential oversupply in the market. Leasing volumes declined by 6.4% YoY, and demand for large footprints weakened. Cushman & Wakefield projects that vacancy rates will continue to climb, peaking at 7.8% in 2026, as supply continues to outpace absorption. Related, Warehouse Leasing Prices Are Holding Up Despite Declining Demand and More Than Half Of US Warehouse Space Built In Q1 2025 Is Vacant.
The Future of Supply Chain 🎙️
Check out our podcast series that’s been running since 2018. On each episode of the Future of Supply Chain, we sit down with a different entrepreneur, investor, or industry veteran to discuss innovation, technology, and the most exciting opportunities in supply chain as we build the future of the industry together.
Fundraises and M&A 💸
Automated Architecture (AUAR) Raises £5.1M in Seed Funding. AUAR develops robotic micro-factories and automation software to manufacture sustainable timber housing. The funding will support team growth, product development, and European market expansion. The round was led by Planet A Ventures, with participation from Concrete Ventures, Shadow Ventures, Common Magic, ABB Robotics Ventures, Miles Ahead, and other angels.
LuminX Raises $5.5M in Seed Funding. LuminX, based in San Francisco, develops AI-driven solutions for warehouse operations, utilizing Vision Language Models (VLMs) deployed on edge devices to automate inventory management and enhance visibility. The seed funding will accelerate the development and deployment of its logistics solutions, aiming to reduce costs and streamline warehouse operations. The round was supported by investors including 1Sharpe, GTMFund, 9Yards, Chingona Ventures, and The Bond Fund.
Lendurai Raises €5.6M in Seed Funding. Lendurai, based in Tallinn, develops onboard autonomy and computer vision systems enabling drones to operate in GPS- and radio-denied environments. The seed funding will accelerate product development and support global expansion. The round was led by Expeditions Fund, with participation from HCVC and Vsquared Ventures.
Manex AI Raises €8M in Seed Funding. Manex AI is building Qualitatio, an AI-powered control layer that autonomously optimizes industrial processes for clients like BMW and Audi. The funding will accelerate product development and customer rollout. The round was co-led by Lightspeed Venture Partners and BlueYard Capital, with participation from Capnamic and CDTM.
Kargo Raises $18M in Series A Funding. Kargo, a company specializing in AI-powered inventory management solutions for warehouses, has secured $18 million in Series A funding to set new industry standards for inventory accuracy and efficiency. The funding will be utilized to expand its AI solutions across more warehouses and enhance its technology platform. The round was led by Sozo Ventures, with participation from Founders Fund, Activant Capital, and strategic investor Armada.
Fabriq Raises €22M in Series B Funding. Fabriq offers a SaaS platform that digitizes lean-management routines on factory floors, providing real-time KPIs and collaborative tools for manufacturers. The funds will be used to accelerate hiring, enhance the platform, and expand sales across Europe and North America. The Series B round was led by Expedition Capital, with continued support from OSS Ventures.
Treefera Raises $30M in Series B Funding. Treefera uses AI, satellite data, and risk modeling to deliver verified insights on nature-based supply chains. The capital will go toward global expansion and further platform development. The round was led by Notion Capital, with participation from AlbionVC, Amadeus Capital Partners, Climate VC, and Twin Path Ventures.
Voxel Raises $44M in Series B Funding. Voxel, a San Francisco-based company, provides an AI-powered platform that enhances workplace safety by integrating with existing security cameras to detect unsafe behaviors and operational inefficiencies in real-time. The Series B funding will be used to accelerate research and development, deepen AI capabilities, and expand the team of industry experts to support growth across high-risk industries. The round was led by NewRoad Capital Partners, with participation from Eclipse, Rite Hite, Tokio Marine, MTech, HG Ventures, and Whitestone.
Aircapture Raises $50M in Series A Funding. Aircapture develops modular systems for capturing carbon dioxide directly from the atmosphere to be reused in industrial applications. The funding will be used to scale its Direct Air Capture (DAC) systems to capture and re-use CO2 at industrial sites. Larsen Lam Climate Change Foundation led the round.
Who's Hiring? 👩💻
Be sure to check out the Dynamo website for more job opportunities at our portfolio companies!
Account Executive at Zeelo in London, U.K.
Senior/Full Stack Engineer at Gatik in Mountain View, CA.
Quality Assurance Intern at Plus One Robotics in San Antonio, TX.