If you’ve ever wondered how the Dominos app predicts the time it will take for a pizza to reach to your doorstep, you need to wonder no more. The functionality is provided by FarEye, a Noida based startup which provides logistics services to hundreds of companies around the globe. And the company has just raised $25 million in its bid to fuel its growth in overseas markets. The startup provides its exceptional delivery service to both B2B and B2C segments.
The amount was raised in a Series D funding round led by M12, Microsoft’s venture fund. Many acclaimed names joined the round, including Eight Roads Ventures, Honeywell Ventures, and existing investor SAIF Partners. The capital raised will be used by the startup to “improve its predictive tech and grow its footprint in the United States, Europe, and Asia-Pacific region,” said the CEO of FarEye.
“From just-in-time logistics optimisation to last-mile transportation notifications for end customers, supply chain visibility is a business imperative for organisations,” said Abhi Kumar, M12 India Head.
Kushal Nahata, co-founder and chief executive of FarEye said in an interview with TechCrunch that the market of logistics is suffering from a lack of digitization. He explained that this leads to a lack of oversight over the company’s fleet and thus, erroneous results. Moreover, the number of factors affecting results and deliveries these days has skyrocketed and something like FarEye is absolutely the need of the hour.
FarEye is addressing all the issues related to shipping deliveries by using AI to parse through a billion data points. The company is currently processing around 10 million deliveries each day, with each delivery refining its algorithm even more. Last year, FarEye took to optimizing its algorithm to conduct last mile and long haul deliveries to cover a wide array of orders. The company’s predictive logistics platform enables enterprises to “orchestrate, track, and optimise their logistics operations.”
Currently, the startup is working with many major corporations around the world like Walmart, FedEx, DHL, Amway, Domino’s, Bluedart, Future Group, and J&J.
FarEye is also developing another service, which coincidentally is named Serve. This service will focus on enabling movement of everyday essentials, free for any firm to use for more than a year. The main idea behind the introduction of Serve is to ensure delivery of essential services during coronavirus.
“The global pandemic has accelerated the need for enterprises to scale their supply chain operations efficiently to meet the rising share of online deliveries. FarEye’s highly configurable last-mile and long-haul logistics platform has been validated by leading global enterprises across the 3PL, retail and manufacturing categories,” said Shweta Bhatia, a partner at Eight Roads Ventures, in a statement.