Cloud logistics platform provider FarEye has raised $25 million in venture funding and said today that it plans to use the new backing to further invest in the platform’s predictive capabilities and accelerate growth in Europe, the Asia Pacific region (APAC), and the U.S.
The “series D” investment was led by M12 (Microsoft’s venture fund) with participation from Eight Roads Ventures and Honeywell Ventures. Existing investor SAIF Partners also participated in the round.
New Delhi, India-based FarEye says its predictive logistics platform enables enterprises to orchestrate, track, and optimize their logistics operations. The system provides better decision-making based on billions of data-points fed into its machine learning engine, which can digitize third party logistics (3PL) carriers’ operations and quickly integrate with external systems for predictive visibility, the firm said.
Founded in 2013, the company recently opened its office in Chicago, and counts clients including Walmart, DHL, Amway, and Dominos. In another recent move, the company has offered its “Serve” product for free, to enable the seamless movement of groceries and essential goods during global trade upheaval triggered by the Covid-19 health crisis.
“The global pandemic has accelerated the need for enterprises to scale their supply chain operations efficiently to meet the rising share of online deliveries,” Shweta Bhatia, partner at Eight Roads Ventures, said in a release. “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.”
FarEye raises USD 25 Million in Series D funding for growth amidst high demand for home deliveries. The investment is led by @M12vc with participation from @8roadsventures & @honeywell Ventures. Existing investor @SAIFPartners also participated in the round. @MicrosoftIndia pic.twitter.com/RFFltQJx6v— FarEye - Enabling Digital Logistics (@FarEye) April 15, 2020
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