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The company plans to use the capital to continue to expand operations and its business reach
Fremont, CA: FarEye, a Noida, India-based provider of a SaaS platform for real-time logistics tracking, closed an additional $13m in Series D funding.
The company has raised approx. $38m to date. The latest funding round was led by The Fundamentum Partnership and KB Global Platform Fund. They had declared a $25m Series D round in April 2020. The company intends to use the capital to continue to expand operations and its business reach.
Led by CEO Kushal Nahata, CTO Gaurav Srivastava, and COO Gautam Kumar, FarEye offers a machine learning-based predictive logistics platform for businesses to execute, track, collaborate, predict, and optimize the movement of goods. The platform is utilized by global leaders like Walmart, DHL, Blue Dart Amway, Wayfair, Hilti, Tata Steel, and many more. The company today facilitates 10+ million transactions per day across 20+ countries for over 150+ customers.
"We are seeing a surge in the need for real-time visibility in logistics for businesses to build customer-centric supply chains. With recently raised funds, we will continue to invest in the best talent in the Americas, Europe, and APAC to support our hyper-growth in these regions. With a vision to make FarEye one of the most customer-centric organizations globally, we aim to make every delivery delightful for the consumers." stated Kushal Nahata, CEO, FarEye.
"Logistics is the backbone of any given economy, and yet it has been a difficult space to innovate. We are excited to partner with FarEye as it paves the way for its enterprise customers, such as DHL and Walmart to gain flexibility as well as visibility in logistics by providing the easy-to-use platform to manage all moving parts. The newly raised capital will allow the team to deliver additional value to its enterprise customers by bringing in more global talents who will ultimately contribute to the advancement of the platform's predictive capabilities and customer services." commented Chunsoo Kim, MD (head of Global Investment Group) at KB Investment.