- FarEye, a logistics SaaS platform for predictive visibility, announced it raised $25 million in equity funding led by Microsoft’s venture fund M12
FarEye, a logistics SaaS platform for predictive visibility, announced it raised $25 million in equity funding led by Microsoft’s venture fund M12. Eight Roads Ventures, Honeywell Ventures, and existing investor SAIF Partners also joined the round.
FarEye’s technology is used for anticipating demand in real-time — which helps optimize purchasing and selling. FarEye is used by more than 150 clients including Domino’s, Walmart, 7-Eleven, and DHL.
The company’s Serve product is able to anticipate delays and set up the best delivery routes to reduce miles per delivery. Plus Serve provides delivery progress reports. And there is an AI-based chat program that can be connected to existing systems for customer service purposes.
FarEye CEO Kushal Nahata said that the platform is overseeing 10 million transactions per day for retailers, grocers, couriers, etc. And to help with the fight against COVID-19, the company recently started offering products at no charge until June 2020. Hospitals and non-governmental organizations will be able to use those same tools for free until September 2020.
Including this round of funding, it brings the company’s total funding raised to almost $60 million. Currently, the company has 350 employees and the funding will be used for hiring up to 500 people by 2021.