M12, the corporate venturing arm of software provider Microsoft, has led a $25m series D round for FarEye, the India-based operator of a predictive logistics software platform, TechCrunch reported yesterday.
The round also featured Honeywell Ventures, which invests on behalf of home and industrial product maker Honeywell, in addition to Eight Roads Ventures, a subsidiary of investment and financial services group Fidelity, and growth equity firm SAIF Partners.
FarEye has developed cloud-based software that enables businesses to manage their logistics operations for both consumers and other businesses, using artificial intelligence to optimise delivery routes and offering real-time tracking for items.
Abhi Kumar, head of India Investments for M12, said: “FarEye’s growing customer loyalty across their 20-country customer base is a testament to the company’s important disruption of the existing supply chain and logistics models.
“With offices in the US and Europe – in addition to its headquarters in India – FarEye is in full pursuit of global ambitions. At M12, we are thrilled to contribute to the company’s next phase of growth and look forward to FarEye’s continued success.”
Logistics service provider Deutsche Post DHL had provided $9.6m in series C funding for Far Eye in early 2018, following $500,000 from Indian Angel Network in 2014 and $3.5m from SAIF Partners two years later.
