FarEye raises $25m for international growth
Indian logistics technology start-up FarEye has raised $25 million as it looks to expand its footprint in international markets and has launched contactless delivery software.
Founded in 2013, FarEye supports more than 150 e-commerce and delivery companies globally to help work out the optimum way to ship items to their customers. Clients include DHL, Domino’s, Walmart, Amway and 7-Eleven.
Through its software-as-a-service (SaaS) solution, the company can anticipate and respond to influxes in demand in real time, improving the purchasing and selling experience. Machine learning algorithms use data from past pickup and delivery attempts to improve future estimates.
Microsoft’s venture fund M12 led the seven-year-old startup’s Series D financing round. Eight Roads Ventures, Honeywell Ventures, and existing investor SAIF Partners participated in the round, which pushes FarEye’s total raise-to-date to $40 million.
Abhi Kumar, M12 India Head, commented: “From just-in-time logistics optimisation to last-mile transportation notifications for end customers, supply chain visibility is a business imperative for organisations. FarEye stands out amongst other supply-chain solutions for its orchestration and predictive intelligence capabilities.”
FarEye employs about 350 people and claims to already handle more than 10 million transactions a day.
Just recently, the company offered its technology free of cost to organizations making deliveries to hospital sites as well as home deliveries of daily essential items like groceries and medicines, to provide assistance during the COVID-19 crisis.
Amongst the companies FarEye is offering its capabilities to are Dr. Lal Path Labs, Future Group in India, 7-Eleven in Philippines and Posti Group in Finland. Furthermore, the start-up is exploring synergies with More Retail in India, Mega Image in Romania and Konzum in Croatia.
The company wants to help by equipping the enterprises with its home delivery optimization software to handle surge in home deliveries with available drivers, quickly onboard part-time drivers and make deliveries contactless.