FarEye, a logistics SaaS (software-as-a-service) platform, announced a Series D investment of $25 million led by M12 (Microsoft’s venture fund), Eight Roads Ventures and Honeywell Ventures. Existing investor SAIF Partners also participated in the round. The company said it will use the funds to invest in the platform’s predictive capabilities and accelerate growth in Europe, Asia Pacific and the US. The funding comes at a time when supply chains and logistics networks have been strained by demands caused due to the covid-19 pandemic.
Founded in 2013 by Kushal Nahata, Gaurav Srivastava and Gautam Kumar, FarEye’s predictive logistics platform enables enterprises to orchestrate, track, and optimize their logistics operations. The startup is present across 20 countries, with clients in different verticals including retailers, CPG companies and logistics and transportation providers. FarEye’s machine-learning based platform helps global enterprises shrink delivery time by up to 27 per cent, increase courier productivity by up to 15 per cent, eliminate risks by up to 57 per cent, and achieve operational excellence, Nahata added.
The startup claims to handle more than 10 million transactions everyday across the world on its platform and provides better decision making based on billion plus data-points fed into its machine learning engine.
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