Savi, an Alexandria, Virginia-based big data and machine learning analytics and supply chain solutions company, has raised $7.5 million in funding led by Eastward Capital Partners along with current internal investors. And Kimberly Cafferty of Cafferty & Company served as an advisor to Savi for the investment agreement.
With this funding round, Savi is planning to accelerate the development of its in-transit visibility and analytics suite along with expanding its commercial and government market growth. Savi is able to deliver live streaming facts and insights about the locations, conditions, and security of in-transit goods. And by using big data and analytics, Savi is able to equip shippers, carriers, governments, and third-party logistics companies with actionable insights to optimize supply chains.
In 2018, Savi added top manufacturing customers and third-party logistics providers on the commercial side of the business. And Savi saw rapid growth as the company announced several multi-million dollar government orders.
For example, Savi is now the sole provider for the active RFID-IV contract to the U.S. Department of Defense. Plus Savi provides the Department of Defense and other government agencies with state-of-the-art hardware, software, and integration services such as active RFID sensors, readers, and real-time location systems for asset tracking and in-transit visibility for locating assets worldwide.
Savi added top manufacturing customers and third-party logistics providers on the commercial side of the business.
“Our in-transit visibility solutions help government agencies and Fortune 500 organizations across industries and sectors transform their supply chains to be more agile, reduce costs and avoid expensive losses and disruptions,” said Savi Technology CEO Rich Carlson in a statement. “This investment acknowledges the sizable market opportunities before us to take global supply chains digital with our machine-learning solutions and advanced IoT sensor technologies.”