The machine learning-based platform is helping customers slash delivery times and boost productivity
Logistics platform FarEye has added a further $13 million to its Series D funding, closing the round at a total of $37.5 million.
The New Delhi, India-based startup has now seen $51 million of funding since it formed in 2013.
The company has created a machine learning-based predictive platform that enables businesses to organize, track and optimize their logistics operations in real time.
The software as a service (SaaS) claims to be able to predict transport delays, and optimize delivery routes to save time by geocoding end-point addresses. It also provides AI-powered customer service features, such as real-time tracking and live chat support.
It’s already being used by the likes of DHL, Walmart, and Amway across 20 countries, handling around 10 million transactions a day.
Back in April, FarEye CEO Kushal Nahata said that the company had seen 250% growth over the past two years, thanks largely to innovation in the automotive and manufacturing sectors and, more recently, the COVID-19 pandemic, which has catalyzed adoption for many businesses. “I have never seen grocery companies go for a technology this fast in my entire journey,” he said at the time.
Driving demand for digital logistics
The latest burst of funding is led by The Fundamentum Partnership and KB Global Platform Fund, and comes four months since initial Series D investors – including M12 (Microsoft’s venture fund), Eight Roads Ventures and Honeywell ventures – backed the company. The startup says that the investment will be used to accelerate its global expansion and to address “the steepening digital curve” for logistics transformation.
"The support and trust of our investors, customers, and partners underpin our deep desire to make logistics better for brands, their customers, and the environment. We are seeing a surge in the need for real-time visibility in logistics for businesses to build customer-centric supply chains. With recently raised funds, we will continue to invest in the best talent in the Americas, Europe, and APAC to support our hypergrowth in these regions,” Nahata said in a press release.
KB Investment’s managing director Chunsoo Kim, meanwhile, noted that logistics has traditionally been a challenging space for innovation, but as the ongoing pandemic has driven a need for new ways of doing things. “We look forward to FarEye's contribution to its enterprise customers around the globe both during and post the current pandemic as seamless logistics has never been more vital to their business,” he said.