Time-Critical Logistics Company Airspace Raises $38 Million

By Annie Baker ● February 11, 2021
  • Airspace — a technology platform revolutionizing time-critical logistics — announced recently that it closed a $38 million Series C round of funding

Airspace — a technology platform revolutionizing time-critical logistics — announced recently that it closed a $38 million Series C round of funding. Telstra Ventures and HarbourVest Partners led this round of funding.

Other participants in the round include return backers Scale Ventures (led Airspace’s Series B), Defy Partners (led Airspace’s Series A), Qualcomm Ventures, and Prologis Ventures. Including this round, the company has secured a total of over $70 million through 3 funding rounds.

Time-critical logistics is known for being an industry that has seen rapid growth in recent years. And providers in the industry focus on delivering the most complex and sensitive packages across the globe at a moment’s notice. The spend in this category has ballooned to $20 billion annually as of 2020 and that growth has only accelerated in the wake of the COVID-19 pandemic.

This global crisis disrupted supply chains and highlighted the need for reliable delivery of critical packages. But the complexity of such deliveries has driven high costs and frequent delays when handled by traditional and antiquated shippers, with as many as 33 percent of time-critical packages lost or delayed en route. And Airspace is transforming the industry, ensuring that these critical packages are delivered faster and with more precision and are more resilient to disruptions along the way all due to a deep layer of predictive machine learning technology. Airspace provides real-time data and transparency on every shipment, thus allowing companies to better track the shipments that matter the most.

Airspace saw tremendous growth over the past 2 years. And as part of this latest round of funding, the company is expanding internationally. Airspace recently announced the opening of its new office in Amsterdam, thus enabling further organic expansion in the European market. Airspace is now well-positioned to expand even further ahead of its competition by growing its global network of drivers and expanding its suite of service offerings.

Over 200 customers, including LabCorp, Alaska Airlines, Quest Diagnostics and American Red Cross already rely on Airspace to deliver their time-critical shipments throughout North America and Europe. And they depend on Airspace to quickly and securely deliver sensitive packages ranging from high-value components for critical machinery and airplanes to life-saving treatments and organ transplants.

As part of the company’s Series C announcement, Mark Sherman (managing partner of Telstra Ventures) has also been appointed to the Board of Directors and will share equally with the other four board members the responsibility for future investment decisions.

KEY QUOTES:

“Our latest Series C funding enables us to continue our rapid growth and succeed not only here in the U.S., but also abroad. We’re expanding our services and the markets we reach by providing customers with advanced technology, complete transparency and the fastest delivery options in the industry.”

“Airspace’s growth continues to inspire me. We have already accomplished so many amazing feats, including our part in saving over 100,000 lives since we began organ deliveries. The ongoing support from our investors means that this number will only increase as we continue to develop solutions for our customers worldwide.”

— Nick Bulcao, co-founder and CEO at Airspace

“I am excited to join the Board because there has never been a more important time in solving how to move precious time sensitive cargo effectively,” said Sherman. “Airspace proves the beauty of people and AI working together to deliver the best time-critical logistics experience. Combining human experience and AI allows Airspace to stand out amongst its competitors and be the trusted partner for time-critical logistics.”

— Mark Sherman, managing partner of Telstra Ventures