The Indian predictive logistics visibility platform provider FarEye has raised $13 million in its second funding round this year, and says it will use the backing to open a U.S. office in Chicago and accelerate the rollout of its software tools for helping enterprises move towards customer-centric supply chains.
The investment was led by India’s Fundamentum Partnership and Korea’s KB Global Platform Fund, bringing the startup to $37.5 million raised this year. In April, FarEye had also raised $24.5 million in “series D” support from the Microsoft venture fund M12, with participation from Eight Roads Ventures, Honeywell Ventures, and existing investor SAIF Partners. The company has now raised a total of $51 million to date.
New Delhi-based FarEye says its platform addresses the steepening digital curve for logistics transformation. That need is being driven by enterprises and consumers demanding a high level of transparency with faster and more convenient delivery experiences. To meet those needs, FarEye says its technology digitizes the way enterprises dispatch, execute, track, and optimize the movement of goods, allowing them to lower logistics costs while satisfying consumers.
With fresh backing, the company has opened a Chicago office as its headquarters for the Americas and relocated co-founder Gaurav Srivastava to lead it. The new office will also expand field teams for sales, solutions, product, and delivery in order to support its U.S.-based customers.
“Logistics is the backbone of any given economy, and yet it has been a difficult space to innovate. We are excited to partner with FarEye as it paves the way for its enterprise customers, such as DHL and Walmart to gain flexibility as well as visibility in logistics by providing the easy-to-use platform to manage all moving parts,” Chunsoo Kim, managing director and head of global investment group at KB Investment, said in a release. “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. We have been deeply impressed with FarEye’s response during the pandemic as a global leader in the logistics SaaS space.”
FarEye raises USD 37.5 Mn in Series D funding to expand its delivery logistics platform used by DHL & Amway. This round was led by The Fundamentum Partnership and KB Investment. https://t.co/sW5k1oohd3 pic.twitter.com/5vABXDjeQx
— FarEye- Predictive Logistics Platform (@FarEye) August 21, 2020