FarEye, a logistics SaaS (software-as-a-service) platform, announced a Series D investment of $25 million led by M12 (Microsoft’s venture fund), Eight Roads Ventures and Honeywell Ventures. Existing investor SAIF Partners also participated in the round.
The company said it will use the funds to invest in the platform’s predictive capabilities and accelerate growth in Europe, Asia Pacific and the US.
The funding comes at a time when supply chains and logistics networks have been strained by demands caused due to the covid-19 pandemic.
Founded in 2013 by Kushal Nahata, Gaurav Srivastava and Gautam Kumar, FarEye’s predictive logistics platform enables enterprises to orchestrate, track, and optimize their logistics operations. The startup is present across 20 countries, with clients in different verticals including retailers, CPG companies and logistics and transportation providers. DHL, Amway, Dominos, Walmart, and Johnson & Johnson are among its clients.
“I am delighted to see the impact we are making by optimizing multi-million deliveries on a daily basis. We will use this investment to create greater value and improve the experience for our customers by enhancing the platform’s predictive capabilities, increasing platform partnerships, expanding into new markets and growing our teams in Europe, APAC & US.” said Kushal Nahata, CEO, FarEye.
FarEye’s machine-learning-based platform helps global enterprises shrink delivery time by up to 27%, increase courier productivity by up to 15%, eliminate risks by up to 57%, and achieve operational excellence, Nahata added.
The startup claims to handle more than 10 million transactions every day across the world on its platform and provides better decision making based on billion-plus data-points fed into its machine learning engine.
“FarEye stands out amongst other supply chain solutions for its orchestration and predictive intelligence capabilities, which equip enterprise customers to respond quickly and strategically in dynamic business environments,” said Abhi Kumar, M12 India Head.
As the world grapples with the pandemic, the company is offering its product ‘Serve’ at zero fee to enable seamless movement of groceries and essential goods to help ensure businesses can reach their end customers.
Shweta Bhatia, partner, Eight Roads Ventures said, “The global pandemic has accelerated the need for enterprises to scale their supply chain operations efficiently to meet the rising share of online deliveries. FarEye’s highly configurable last-mile and long-haul logistics platform has been validated by leading global enterprises across the 3PL, retail and manufacturing categories.”
