FarEye added another $13 million to its Series D to close at $37.5 million for the round, the company said Friday.
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The New Delhi, India-based startup created a software-as-a-service logistics platform that enables customers to orchestrate, track and optimize their logistics operations, making it real-time and predictive.
FarEye’s new funds were led by The Fundamentum Partnership and KB Global Platform Fund and gives the company a total raise of $51 million since it was formed in 2013. The investment comes four months after announcing the initial Series D backed by M12, Eight Roads Ventures, Honeywell Ventures and existing investor SAIF Partners.
Chunsoo Kim, managing director and head of the global investment group at KB Investment, said in a written statement that his firm is “deeply impressed with FarEye’s response during the pandemic.”
“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,” he added.
Meanwhile, the additional investment will drive FarEye’s global expansion. Back in April, CEO Kushal Nahata said in an interview that in the past two years, FarEye has experienced about 250 percent growth stemming from automotive and manufacturing, as well as home delivery, which had seen a surge during the COVID-19 pandemic. That had also caused businesses to be quicker in adopting technology, he said.
“I have never seen grocery companies go for a technology this fast in my entire journey,” he added. “The good thing happening is that businesses are trying to engage remotely and that is productive.”
Illustration: Li-Anne Dias