India-based logistics data software provider FarEye has added $13m to a series D round that includes software provider Microsoft and electronic device producer Honeywell, increasing its size to $37.5m.
Growth equity fund Fundamentum Partnership joined investment firm KB Investment’s KB Global Platform Fund to supply the additional funding.
Microsoft subsidiary M12 led the first close in April this year, investing with Honeywell’s corporate venturing arm, Honeywell Ventures, as well as Eight Roads Ventures – part of investment and financial services group Fidelity – and growth equity firm SAIF Partners.
FarEye has created a software platform that analyses supply chain data to predict any issues and help businesses ensure their goods move quickly and affordably.
Kushal Nahata, FarEye’s chief executive, said: “The support and trust of our investors, customers and partners underpin our deep desire to make logistics better for brands, their customers and the environment. We are seeing a surge in the need for real-time visibility in logistics for businesses to build customer-centric supply chains.
“With recently raised funds, we will continue to invest in the best talent in the Americas, Europe and [the Asia Pacific region] to support our hyper-growth in these regions. With a vision to make FarEye one of the most customer-centric organisations globally, we aim to make every delivery delightful for the consumers.”
Indian Angel Network had invested $500,000 in the company in 2014 before SAIF Partners added $3.5m in 2016. Logistics services provider Deutsche Post DHL then supplied $9.6m in series C funding in early 2018.
