Digital logistics firm FarEye raises $13m in new funding

Logistics SaaS platform FarEye has raised an additional $13m as an extension to its Series D investment.

The Fundamentum Partnership, a growth-capital fund for mid-stage technology companies in India backed by Nandan Nilekani and Sanjeev Aggarwal, led the funding round which included the participation of Korea-based KB Global Platform Fund.

Far Eye says it will invest the new funds towards global expansion. The company recently established its European headquarters in London.

This is the second time this year that FarEye has been able to raise funds to support its growth, taking its total investment to $51m so far. In April, FarEye had raised $24.5m in Series D from M12 (Microsoft’s venture fund) with participation from Eight Roads Ventures, Honeywell Ventures, and existing investor SAIF Partners.

“We are seeing a surge in the need for real-time visibility in logistics for businesses to build customer-centric supply chains,” said Kushal Nahata, CEO, FarEye.

“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 organisations globally, we aim to make every delivery delightful for the consumers,” said Nahata.

Read: Explainer: Factors disrupting the GCC’s logistics industry

FarEye’s technology digitises supply chains, a process it says lower logistics costs while improving consumer service.

According to Gartner, at least 50 per cent of large global companies will be using AI, advanced analytics and IoT in supply chain operations by 2023. Artificial intelligence, advanced analytics and IoT are all considered transformational or high-benefit technologies. This means they will either enable new ways of doing business across industries, resulting in major industry dynamic shifts (transformational), or enable new processes that will result in significant revenue increase or cost savings (high benefit).

In the GCC, FarEye has won a deal to work with Emirates Post, one of the largest post and parcel service providers in GCC, and Landmark Group, a large retailer based in Dubai.