FarEye, a New Delhi, India based logistics startup, raised $13 million in a Series D round led by The Fundamentum Partnership and KB Global Platform Fund. The company now has a total raise of $51 million since it started. This new funding came after four months since the initial Series D with investors such as M12, Eight Roads Ventures, Honeywell Ventures, and existing investor SAIF Partners. FarEye will use these funds for its global expansion and try to improve its services further.
Started in 2013, FarEye is a machine-learning-based predictive logistics platform for businesses to execute, track, collaborate, predict, and optimize the movement of goods. FarEye runs its logistics operations on an easy to use software-as-a-service(SaaS) based platform, which is a highly mobile platform that enhances customer experience and provides improved margins.
FarEye accurately predicts delays and easily handles exceptions. It also allows customers to raise queries through its AI-powered online chat platform and by providing real-time tracking facility. It also optimizes delivery routes to save time by geocoding customer addresses. It has more than 150 clients across more than 20 countries and around 10 million transactions per day. According to FarEye, their predictive logistics helps businesses reduce delivery time by 27%, increase delivery productivity by 15%, eliminate risks by 57%, and achieve optimized operations.
Due to the current pandemic situation, e-commerce sites are gaining huge profits as people now prefer to buy things online for their safety. As the logistics companies connect these firms to markets by providing various services, this has also helped companies like FarEye, which saw a surge during COVID-19.
Consultant Intern: Currently in her third year of B.Tech from Indian Institute of Technology(IIT), Goa. She is an ML enthusiast and has a keen interest in Data Science. She is a very good learner and tries to be well versed with the latest developments in Artificial Intelligence.