FarEye is a software services provider to the logistics industry and this tech startup has just received funding of $25 million as part of its series D fundraising. The leading investor in this round has been M12, venture fund floated by Microsoft. Others who participated include SAIF Partners, Eight Roads Ventures and Honeywell Ventures. SAIF Partners is an existing investor in FarEye.
FarEye, is into providing Software as a Service or SaaS to the logistics that helps them track and optimise their operations. The customers of FarEye fall in the categories of B2B as well as B2C segments. The list of their customers virtually reads like the who’s who of the different business sectors; DHL, Amway, Dominos, Walmart, Johnson & Johnson and Hilti, to name just a few. The startup, in its short span of 7 years in existence has built its operations in 20 countries. It has more than 150 customers.
The platform owned by FarEye is able to handle 10 million transactions around the world with the latest machine learning technology built-in.
The way logistics is handled around the world has undergone a total transformation in the recent past particularly in markets like India. Logistics companies are able to provide the tools to their customers to track their consignments on a real-time basis that helps with faster turnaround periods and huge savings in costs. These are all done through specialised technology and tailor-made solutions developed by companies like FarEye.
FarEye’s promoters have said the fresh investment now received will be used in enhancing the platform’s predictive capabilities, increasing platform partnerships, expanding into new markets and growing their teams in Europe, APAC and the US.
In line with most businesses trying to make some contribution to the cause of fighting the deadly COVID-19 pandemic, FarEye has announced that it is offering its product ‘Serve’ at zero fee. This may help several companies track the seamless movement of essential goods like groceries.