The proceeds from this funding will be utilized to drive our marketing and alliance-building efforts, and continue our expanding presence overseas. The funding announced today will expedite the company's already robust alliance building efforts. The UPS Strategic Enterprise Fund is recognized for its expertise in transportation services and technologies. We look forward to leveraging the combined experience and assets of both firms as we continue to expand our global operations. CarrierPoint differentiates itself from its online competition through the balanced value proposition it offers to shippers and carriers.
Carriers are able to improve asset utilization and reduce empty miles.
Unlike auction sites, we provide a multi-variant exchange where price is only one of several factors available when deciding which carrier will move a shipper's freight. Other factors may include a carrier's safety rating, cargo claims and on-time delivery record. Through the use of electronic commerce and advanced communications technology, CarrierPoint seeks to improve the efficiency and effectiveness of freight shippers and carriers. Established in 1997, the UPS Strategic Enterprise Fund seeks to invest in new companies that are strategically relevant to its business. The Fund seeks to gain insights into new markets, innovative business models and emerging technologies.