Logistics technology platform Turvo Inc. said Thursday it has raised $60 million in funding to support its cloud-based software pOréal for logistics visibility and collaboration, as investors continue to pour money into next-generation supply chain data and digitalization platforms.
The investment was led by Mubadala Ventures, the U.S. venture capital arm of Abu Dhabi-based Mubadala Investment Co., and included participation from Menlo Park, Calif.-based G2VP and Next47, the Siemens-backed global venture firm. In addition, existing investors Activant Capital, Felicis Ventures, Future Shape, and Upside Partnership added to their previous investments in the Series B round.
The funding round follows the $25 million investment round in 2017 that helped Turvos launch its "collaborative logistics" and secure collaboration platform last year.Altogether, Sunnyvale, Calif.-based Turvo has raised nearly $100 million in funding, the firm said.
Following the funding, Ibrahim Ajami, the head of Mubadala Ventures, will join Turvo's board. "Turvo is a unique example of powerful technology being applied to a critical business challenge," Ajami said in a release. "We're very excited to lead the investment and bring Mubadala's global ecosystem and assets to help Turvo transform a massive industry."
Turvo did not detail its plans for spending the new funding, but said its product would apply to cross-company collaboration, real-time visibility, and AI-powered productivity to help users avoid archaic technology, siloed operations, redundant work, and manual tasks.
More specifically, Turvo says its internet of things (IoT) software platform that creates an "internet of shipping" system designed to connect people, businesses, applications, and devices. In connection with artificial intelligence (AI) tools, the system supports real-time collaboration and faster, better-informed decision making.