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FarEye’s extension round is aimed at driving global expansion
India-based B2B logistics Software-as-a-Service (SaaS) platform FarEye has secured US$13 million additional capital as a Series D extension round, the company said in a statement late last week.
The round was led by Indian growth capital fund The Fundamentum Partnership and Korean investment firm KB Global Platform Fund, the statement said. The funding will drive FarEye’s global expansion, it added.
Further, the statement also noted that this extension round brings the 2013-founded company’s total capital raised to $51 million to date. FarEye had earlier raised $24.5 million in its Series D round of financing, led by Microsoft’s venture fund M12 with participation from Eight Roads Ventures, Honeywell Ventures, and SAIF Partners.
The fresh funding brings FarEye’s total Series D financing to $37.5 million. The financing was purposed towards enhancing FarEye’s predictive technology and driving expansion across the U.S., Europe, and the Asia Pacific.
“We are seeing a surge in the need for real-time visibility in logistics for businesses to build customer-centric supply chains,” CEO of FarEye Kushal Nahata said in the statement.
“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,” he added.
As a move towards making Singapore its base for international expansion, FarEye announced in May this year that Singapore-based former executive of Blue Yonder, a U.S. digital fulfilment platform, Amit Bagga will be taking over the role of FarEye’s Chief Revenue Officer.
FarEye also formed a partnership with Blue Yonder in June this year to introduce predictive and real-time visibility into supply chains through Blue Yonder’s Luminate platform.
Since Bagga’s appointment, FarEye has established its field headquarters in Singapore and has invested in sales, solutions, services, and customer success teams, in addition to putting money into its expansion into Europe and the Americas.
“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,” Managing Director (Head of Global Investment Group) at KB Investment Chunsoo Kim said.
“We look forward to FarEye’s contribution to its enterprise customers around the globe both during and post the current pandemic as seamless logistics has never been more vital to their business,” he added.
Prior to its Series D, FarEye had last raised INR610 million from Deutsche Post in February 2018, and in the same year, acquired India-based digital freight logistics ecosystem Dipper.
FarEye uses a combination of technologies including machine learning, artificial intelligence, the Internet of Things, gamification and analytics, to equip their clients with predictive visibility and data-backed decision making in the supply chain.
Header image by Gerd Altmann from Pixabay