Semiconductor technology producer Qualcomm has tapped its venture capital arm to reinvest in US-based supply chain services platform developer Airspace Technologies a part of a $20m series B round.
Scale Venture Partners led the round, which included fellow venture capital firms Defy.vc, Cross Culture Ventures and Schematic Ventures.
Founded in 2015, Airspace has created software that uses algorithms and datasets to automate supply chain processes and improve the speed of air cargo and time-critical logistics.
The company also runs a global contractor network that allows its corporate clients, which include LabCorp, FedEx and Frontier Airlines, to connect directly with drivers for deliveries. It said its revenue has grown 240% year-over-year and risen 54% since the last quarter.
The series B capital will be used by Airspace to expand globally and strengthen its delivery network and enterprise software platform. Stacey Bishop, partner at Scale Venture Partners, will join its board of directors in connection with the round.
Airspace received $8m in an August 2018 series A round that was led by Defy and backed by Qualcomm Ventures, Cross Culture Ventures and Schematic Ventures. It used that cash to expand its team from about 50 people to more than 90.