Logistics management start-up FarEye announced a Series D investment of $25 million (approximately Rs 190 crore) led by Microsofts venture fund M12 with participation from Eight Roads Ventures and Honeywell Ventures.
Existing investor SAIF Partners also participated in the round, the company said.
“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 (Asia Pacific) & the US,” Kushal Nahata, CEO, FarEye, said in a statement.
Founded in 2013 by Nahata, Gaurav Srivastava and Gautam Kumar, FarEye’s predictive logistics platform enables enterprises to orchestrate, track, and optimise their logistics operations.
Today, the company is present across 20 countries and handles more than 10 million transactions everyday across the globe.
“From just-in-time logistics optimisation to last-mile transportation notifications for end customers, supply chain visibility is a business imperative for organisations,” said Abhi Kumar, M12 India Head.
“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.”
To help ensure businesses can reach their end customers as the world grapples with the COVID-19 pandemic, the company is offering its product “Serve” at a zero-fee to enable the seamless movement of groceries and essential goods.
FarEye currently has over 150 global clients including Walmart, DHL, Amway, Walmart, Johnson & Johnson and Hilti.
(IANS)
