Dynamo Dispatch (2026/01/12)

Issue 358 | Interos, Swap, GSME

Dynamo Dispatch. A weekly update from Dynamo Ventures covering the latest and greatest in supply chain, mobility, and building venture-scale businesses.

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Weekly Commentary 💭

Happy New Year from Dynamo Ventures!

2026 is opening with its first real stress test, as pre–Lunar New Year activity lifts trans-Pacific rates without a true demand breakout. With tariff uncertainty back on the agenda and execution risk rising across modes, leverage is quietly shifting toward disciplined shippers and operators. Read more below!

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Madelyn, Madison and the rest of the Dynamo team

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Make, Move, and Monetize 📦

⭐ Pre-Lunar New Year Demand to give Trans-Pac Market First Test of 2026. Pre-Lunar New Year is shaping up as 2026’s first trans-Pac test: NRF flags the first MoM import gain in six months, bookings to North America have climbed since December, and LA/LB are peaking in early January, with the later Feb. 17 holiday pushing more arrivals into February. Spot rates are up 33–42% in four weeks on GRIs and blank sailings, even as forwarders report only a modest pre-holiday bump and little inventory building. With spot sitting above 2025–26 contract levels but demand still muted and capacity rising, bargaining power tilts toward shippers—rewarding disciplined bids and timing awards into the post-LNY lull unless carriers proactively tighten supply. Completely unrelated, Europe and China’s Feud Over Chips Is Reaching a Breaking Point.

US Importers Eye Refund Options as Tariff Fight Goes to Supreme Court. An appeals court invalidated much of Trump’s IEEPA tariffs, and the administration is seeking a fast-track Supreme Court review, leaving the duties in place for now. Importers are scrambling to assemble refund claims and map scenarios—from automatic repayments to an administrative application process—while logistics and trade firms prep for a wave of filings. The upshot: potential refunds could meaningfully boost working capital and reshape pricing and inventory plans; executives should audit entries, preserve documentation, and have a claims strategy ready if the high court strikes the tariffs. Also, Why Tariffs Have Hit Americans’ Jobs Harder Than Their Shopping Carts, and Importers Brace for $150B Tariff Refund Fight if Trump Loses at Supreme Court.

North American Rail Container Fleet Fully Outfitted with GPS Devices. North America’s ~75,000 rail-owned UMAX/EMP containers are now fully GPS-equipped, delivering real-time location, geofencing, alerts, and API access via Blume Global across UP, CN, CSX, NS, and Ferromex. The upgrade closes a long-standing visibility gap with private fleets (Hub, J.B. Hunt, Schneider) and strengthens IMCs’ competitiveness; it also bolsters UP’s truck-to-rail conversion case in its STB push tied to the proposed NS acquisition. Expect sharper ETAs, higher asset turns, and a modest shift in pricing leverage toward rail/IMCs—tempered by concentrated platform risk given reliance on Blume (hit by a 2022 cyber incident), making contingency workflows and security diligence table stakes. For more, check out From Rail to Real-Time: Union Pacific Empowers Intermodal Customers with Enhanced GPS Tracking.

The Data Center Rebellion is Here, and It’s Reshaping the Political Landscape. A bipartisan revolt against AI data centers is erupting from Oklahoma to Arizona as communities decry secret NDAs, rezoning, and massive energy/water demands. Local councils are increasingly killing projects, Senate Democrats opened a pricing probe, Sanders floated a moratorium, the NAACP mobilized, and even DeSantis is backing local veto power—while industry insists benefits outweigh costs. Roughly $98B in projects were blocked or delayed in a single quarter, signaling real execution risk. That means data-center expansion now carries bipartisan political and permitting risk: expect slower approvals, mandated community-benefit deals, and hard scrutiny of utility pass-throughs that can blow up pro formas. Teams that lead with transparency, revenue sharing, and self-provisioned power/water on pre-zoned or brownfield sites will keep velocity; everyone else should mark up timelines/CapEx and model moratoria.

Which Industries Face the Biggest Manufacturing Disruptions? McKinsey finds disruption risk is uneven: electronics, machinery, and semiconductors are most exposed given geographic concentration, heavy capex, and geopolitics—pushing footprint choices beyond cost toward market access, incentives, and supply security. Life sciences and chemicals feel moderate pressure to localize but move slower under regulatory and validation hurdles, while agriculture, minerals, and energy face lower near-term risk because assets are tied to place—even as climate and resource nationalism simmer. The move now is multi-node capacity, incentive capture, and supplier diversification—anchored by end-to-end visibility and digital monitoring—so decisions are driven by live scenario planning rather than one-off redesigns. Related, US Factory Headcount Falling Despite Trump’s Promised Manufacturing Boom.

Trump Ready to Pivot If Court Overturns Tariffs, Aide Says. The White House says it can swiftly reimpose tariffs via other authorities if the Supreme Court overturns Trump’s IEEPA-based levies, with NEC Director Kevin Hassett pointing to tools like Section 301 and Section 122 and noting USTR Jamieson Greer would lead a “Plan B.” No ruling came on Jan. 9, but more opinions could land in the next two weeks, with the decision expected to affect “reciprocal” duties and fentanyl-related charges. The bottom line is even if IEEPA tariffs are struck, duties could snap back fast—so importers and investors shouldn’t bank on sustained relief or quick refunds. Prepare for renewed tariff exposure, potential 301 probes, and pricing/sourcing adjustments under Section 122 caps. Completely unrelated, Portland Re-Opens Oregon’s Only Container Terminal.

Borderlands Mexico: Tariff Noise to Stay Loud in 2026, Flexport Warns Importers. Tariff headlines will stay loud in 2026, but Flexport says actual duties often get softened by delays, carve-outs, and exemptions—while CBP ramps audits and scrutiny of valuation, tariff stacking, and USMCA claims. Importers should prep now for a possible Supreme Court shakeup of IEEPA tariffs (map affected entries, watch liquidation dates) and avoid DDP “workarounds” that invite enforcement. For operators, plan for policy noise but restrained outcomes: double down on compliance agility and cross-border resilience as providers expand solutions (EchoXBorder) and power-infra demand rises (LS Cable’s new Houston-area hub). Also, US Trade Gap Shrinks to Lowest Level Since 2009 as Imports Fall and US Trade Deficit Fell to Lowest Level Since 2009 as Tariffs Reshape Trade.

Layoffs, Bankruptcies Batter US Logistics and Manufacturing at Start of 2026. US logistics and manufacturing opened 2026 with a sweep of layoffs, closures, and Chapter 11s impacting 2,200+ workers across rail support, parcel (UPS, FedEx), food/packaging (ADM, PCA), furniture, last-mile/e-comm ops, and DCs. Drivers include lost contracts, excess capacity, high input/energy costs, and tighter credit; bankruptcies hit Ample (EV swapping), FlexShopper (lease-to-own finance), and Food52 (assets to America’s Test Kitchen). For operators and investors, this flags early demand/financing stress and faster consolidation—hedge concentrated-customer risk, tighten supplier credit checks, and keep modal/footprint flexibility. Unrelated, Why US Drone Manufacturing Can’t Scale Without Fixing The Supply Chain First.

5 Supply Chain Management Trends to Watch in 2026. Supply chains enter 2026 still choppy: tariffs, fragmented trade, and geopolitical risk drive short-term hedging, diversification/regionalization, and a normalization after 2025’s tariff-driven frontloading. Economic pressure—slower consumer spend, weak housing, and supplier refinancing risk—shifts focus to cost optimization via footprint rationalization, transport re-quoting and modal flexibility, and tighter inventory/payment strategies. The edge goes to operators who reset AI expectations and scale responsibly while treating labor as a strategic constraint—stress-test suppliers, reconfigure networks, and invest in skills now to protect margins and resilience.

Copper Pushes Toward Record on Supply Concerns and Weaker Dollar. Copper is surging toward record highs as a weaker dollar, tariff-driven reshuffling of metal flows to the US, and mounting supply anxieties turbocharge a broader base-metals rally. Investors are rotating into hard assets on expectations of US monetary easing and fractured supply chains, even as warehouse inventories rise—signaling tightness may be felt outside the US and keeping aluminum/tin elevated too. Expect margin pressure and hedging urgency for electrification-heavy sectors (grids, autos, electronics), while miners and traders gain pricing power and tariff/policy decisions amplify volatility in 2026. Related, One Eye-Popping Prediction Shows Why Copper Prices Could Continue to Surge for Years to Come.

Request for Startups 📢

Dynamo is always looking to meet startups that are helping to make, move, and monetize goods. Check out our latest request for startups below!

Inference on the Edge — AI inference is shifting from the cloud to on-premise edge environments because real-time, safety-critical operations can’t tolerate latency, connectivity failures, or brittle cloud dependencies. Edge-native compute platforms enable deterministic, autonomous inference for factories, logistics, energy, and supply chains, unlocking real-time control and resilience where decisions are actually made. Read more here.

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 💸

Interos.ai Raises $20M in Growth Funding. Interos.ai provides AI-powered supply chain risk management software used by public and private sector clients to assess cyber, financial, and geopolitical vulnerabilities. The new capital will support enhancements to its predictive AI models, allowing the platform to generate actionable recommendations directly from customer data. The round was led by existing investors Blue Owl Capital and Structural Capital.

GSME Raises $35M in Series B Funding. GS Microelectronics US (GSME) provides a semiconductor services platform that integrates advanced packaging, design enablement, and real-time supply chain visibility. The funding will support platform development, R&D, hiring, and potential acquisitions, as well as the scaling of 2.5D/3D packaging and AI-driven decision support tools. The round was led by Maverick Silicon, a division of Maverick Capital focused on semiconductor investments.

Swap Raises $100M in Series C Funding. Swap offers an all-in-one e-commerce operating platform that consolidates logistics functions such as shipping, returns, tax, and inventory forecasting for global brands. The new capital will be used to expand payment capabilities, enhance AI-driven features, and accelerate international market growth across Europe and North America. The round was co-led by Iconiq and DST Global, with continued backing from previous investor Iconiq.

Greenbriar Equity Group Acquires eShipping. eShipping is a tech-enabled provider of managed transportation services, offering multi-modal logistics solutions through a proprietary cloud-based platform. The investment will support the company’s continued growth, technology enhancements, and expansion of its product capabilities. The acquisition was led by Greenbriar Equity Group, with Stifel and Harris Williams advising eShipping on the transaction.

Clarksons Acquires Zuma Labs. Zuma Labs is a UK-based technology company that provides AI-powered tools for the Forward Freight Agreement and commodities markets, including its flagship hybrid voice-electronic trading platform, Venetian. The acquisition will support the expansion of Zuma’s Venetian platform and AI capabilities, enhancing technology adoption across maritime and commodity trading markets. Clarksons has acquired 100% of Zuma Labs and will integrate the company as a wholly owned subsidiary.

Stord Acquires AI Fulfillment Platform Shipwire from CEVA Logistics. Stord, an Atlanta-based e-commerce logistics startup, has acquired Shipwire, an AI-powered fulfillment platform previously owned by CEVA Logistics. The acquisition expands Stord’s network with 12 new locations, 60 employees, and additional AI-driven tools for execution, planning, and routing. Financial terms were notfff disclosed, but the deal marks Stord’s seventh acquisition and aligns with its strategy to scale operations for mid-market and large e-commerce customers.

Veritas Capital to Acquire Majority Stake in GHX. Global Healthcare Exchange (GHX), a healthcare supply chain software provider, is being acquired by Veritas Capital, which will take a majority stake in the company. GHX’s platform helps providers and suppliers streamline operations through AI-driven automation, cloud-based tools, and decision support systems. The investment will support GHX’s growth strategy, including product innovation, AI integration, and both organic and inorganic expansion. Existing shareholders Temasek and Warburg Pincus will remain involved as minority investors.

Diginex Acquires Plan A for €55M. Plan A provides carbon accounting software that helps businesses calculate and manage their environmental impact. The acquisition includes a €3M cash payment and €52M in Diginex shares, with an additional €25M earnout contingent on performance over the next two years. Plan A had previously raised $40M from Lightspeed, HV Capital, Deutsche Bank, Opera Tech Ventures, and notable angel investors.

Mobileye Acquires Mentee Robotics for $900M. Mobileye, known for its automotive computer vision and autonomous driving technologies, is acquiring humanoid robotics startup Mentee Robotics in a $900M deal. The acquisition aims to expand Mobileye’s focus into “Physical AI” by combining Mentee’s humanoid robotics with Mobileye’s AI and autonomy capabilities. The deal includes $612M in cash and up to 26.2 million shares of Mobileye stock, and was approved by both Mobileye’s board and Intel.

Who’s Hiring? 👩‍💻

Be sure to check out the Dynamo website for more job opportunities at our portfolio companies!

Founding AI Engineer at Guided in Paris, France.

Lead Software Engineer - Aircraft at Manna in Dublin, Ireland

Founding GTM at Ceto in Newcastle, London.