FarEye has closed a $25 million (about Rs 191 crore) funding round led by M12, the venture arm of global technology giant Microsoft, with participation from Eight Roads Ventures and Honeywell Ventures.
The enterprise-focused logistics Software as a Service company, founded by Kushal Nahata, Gautam Kumar and Gaurav Srivastava in 2013, will use the proceeds from the latest round to further invest in its proprietary platform’s predictive capabilities, ramp up partnerships, expand into new markets, and accelerate growth across Europe, Asia Pacific and the United States, it said on Wednesday.
“We deeply value the support and trust of our investors, customers and partners who have been instrumental to our success. I am delighted to see the impact we are making by optimising multi-million deliveries on a daily basis,” Nahata, chief executive of FarEye said, said in a statement.
The Delhi-based company counts Walmart, Blue Dart and DHL among its clientele, and claims to handle more than 10 million transactions on its platform. SAIF Partners, an existing investor in FarEye, has also participated in the latest financing round, according to the statement.
“FarEye stands out amongst other supply chain solutions for its orchestration and predictive intelligence capabilities, which equip enterprise customers to respond quickly and strategically in dynamic business environments,” Abhi Kumar, M12 India head, said.
The company’s predictive logistics platform enables enterprises to orchestrate, track, and optimise their logistics operations.
According to the statement, FarEye’s machine-learning based platform allows enterprises to shrink delivery time by up to 27%, increase courier productivity by up to 15%, and eliminate risks by up to 57%.
“We zeroed in on FarEye as we were very impressed with the product-market fit the company has achieved. The product is highly agile and customisable, and they have been able to prove it with very large enterprise customers across verticals – whether it is third-party logistics providers, grocery chains, retailers or consumer goods companies in India, as well as across Asia, US and Europe,” Shweta Bhatia, partner at Eight Roads Ventures, told ET.
M12, which was previously known as Microsoft Ventures, focuses on backing early-stage B2B companies across rounds. These companies could operate in big data and analytics, business SaaS, cloud infrastructure, machine learning and artificial intelligence, productivity, and security segments.
In India, the corporate venture capital arm of Microsoft had announced an investment in healthcare data platform Innovaccer in 2019.