Logistics start-up FarEye raises US$25m fromMicrosoft's M12
Recently, Logistics management startupFarEye announced, that it has raised US$25 million in a Series D round led by Microsoft's venture fund M12.Other participants include Eight Roads Ventures and Honeywell Ventures. Existing investor SAIF Partners also participated in the round.The funding round comes at a time where the global pandemic has accelerated the need for enterprises to scale their supply chain operations efficiently to meet the rising share of online deliveries, said Eight Roads Ventures partner Shweta Bhatia.
Funds will be used to further invest in the platform’s predictive capabilities and accelerate growth in the Asia-Pacific, Europe and the United States, said the company in a press statement.Founded in 2013, the Delhi-based startup is a predictive logistics platform which helps enterprises to orchestrate, track and optimise logistics operations, it said. Some of its clients include Walmart, DHL, Amway and Dominos.
This includes predicting delivery times, optimising delivery routes and tracking deliveries, which the platform does through analysing a "billion plus data-points fed into its machine learning engine".FarEye successfully handles more than 10 million transactions every day across the globe, it added.