FarEye Secures $25 Million Led By Microsoft’s Venture Funds
Logistics SaaS platform FarEye has raised $25 million in a Series D funding round. The round was led by M12 (Microsoft’s venture fund), Eight Roads Ventures and Honeywell Ventures. Other participants in the round include FarEye’s existing investor SAIF Partners.
— M12 – Microsoft's Venture Fund (@M12vc) April 15, 2020
FarEye is a predictive logistics platform that allows users to orchestrate, track, and optimize their logistics operations. It was originally founded in 2013 by Kushal Nahata, Gaurav Srivastava and Gautam Kumar. As of now, it is present in 20 countries across the world. It has amassed clients from various industry genres. A few of these are – DHL, Amway, Dominos, Walmart, and Johnson & Johnson. Apart from these, it has also provided its services to players in the retail sector.
Amid the COVID-19 outbreak, supply chain and logistics networks are heavily loaded. In this scenario, the latest funding round for FarEye will be a great boost. The startup clarified that it will use the fresh capital to expand its operations in Europe, Asia Pacific, and the US.
Kushal Nahata, CEO, FarEye seemed pretty optimistic talking about the impact his company has made by efficiently optimizing multi-million deliveries. He said that the funding will immensely boost FarEye’s vision to improve the predictive capabilities of the platform and help create new partnerships, apart from triggering the global expansion plan.
FarEye claims that its machine-learning backed system reduces delivery times by 27% and increases courier productivity by up to 15%, while also eliminating risks by a great deal.
Shweta Bhatia from Eight Roads Ventures commented, “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 have been validated by leading global enterprises across the 3PL, retail and manufacturing categories.”
As a part of its initiative to fight the global pandemic, FarEye is delivering essential goods and groceries at zero cost, in order to help businesses and customers stay connected.