Supply chain tracker start-up raises $3m
June 20, 2017
Tive, a Boston, USA, provider of a sensor-driven tracker to deliver visibility into products as they move through the supply chain, has raised a seed round of $3m led by VC firm Accomplice with NextView Ventures and existing investors Bolt and Hyperplane.
The company says it will use the funds to grow the team in multiple areas including engineering, marketing and sales.
Every year companies lose hundreds of billions of dollars due to damage and delays that occur while goods are being shipped. For example, the pharmaceutical industry spends $50bn every year replacing drugs that get too hot or cold in transit. In the automotive world, every hour a plant shuts down, often due to late deliveries, costs more than $1m.
Tive helps manufacturers and other large shippers remove surprises from their supply chain by providing real-time visibility into the location and condition of shipments. Combining cellular-connected trackers and cloud-based software, it enables custom alerts, reporting and analysis on inbound and outbound shipments across all modes of transport. This expanded visibility means companies are never caught off guard by damage or delays, helping them improve customer service while reducing manufacturing disruptions and logistics costs.
"When I started Tive, I was focused on building a great product without any outside financial support," said Krenar Komoni, CEO and founder of Tive. "We successfully built the product and attracted paying pilot customers with a very limited budget. During this process, we confirmed that our customers had an urgent and real need for our solution and decided we needed to raise outside funds to scale up quickly."
Tive's practical approach to IoT technology has made the system accessible to firms across the board.
"Our focus on making the technology easy to use has driven interest from companies in a variety of industries, including electronics, pharmaceutical, medical devices, industrial equipment and automotive," said Rob Stevens, Tive's chief revenue officer and co-founder. "This funding will help us grow our business to match the excitement we're seeing from the market."