Supply chain visibility provider Tive announced Monday it has closed a $54 million series B round led by AXA Venture Partners with participation from existing investors RRE Ventures, Two Sigma Ventures, NextView Ventures, Hyperplane Ventures, Broom Ventures and Supply Chain Ventures. New investors included Sorenson Capital, Qualcomm Ventures, Fifth Wall, SJF Ventures and Floating Point Ventures.
Tive’s multi-sensor trackers leverage cellular, GPS and Wi-Fi for real-time visibility and alerts for changes in shipment conditions. Combined with Tive’s software-as-a-service application, customers can receive visibility analytics for all modes of transportation with 95% global coverage, according to the company.
“We have a huge opportunity to let the world know that a tracking solution like this exists. We are going to take this funding and make sure that happens,” said Tive founder and CEO Krenar Komoni.
Customers can also leverage shipment data from the Open Visibility Network, founded by Tive in 2019 and that now includes data partnerships with project44, FourKites, TransVoyant, Fayre, MarineTraffic and Everstream Analytics.
“Tive has been scaling at an impressive rate, executing decisively on its vision where everything and everyone is connected. Supply chain visibility has become critical in solving large-scale problems in the world today, and Tive has emerged as the global market leader,” said Alex Scherbakovsky, general partner at AXA Ventures Partners. “The breadth of data Tive offers and ease of access for shippers, logistics providers and carriers are best in class. We believe that Tive’s next-gen solution and highly valuable network will continue to drive massive growth.”
|Funding amount||$54 million|
|Funding round||Series B|
|Lead investor||AXA Venture Partners|
|Secondary investors||RRE Ventures, Two Sigma Ventures, NextView Ventures, Hyperplane Ventures, Broom Ventures, Supply Chain Ventures, Sorenson Capital, Qualcomm Ventures, Fifth Wall, SJF Ventures and Floating Point Ventures|
|Business goals for the round||Expand the sales and marketing teams globally and continue hardware and software product development.|
|Total funding||$81.59 million*|
In an interview with FreightWaves, Komoni described the importance of the company’s new investor relationships as each will play a role as Tive continues to scale and offer more value to its customers.
For example, the relationship with AXA Venture Partners, the investment arm of European multiline insurance company AXA, could be useful if Tive creates a cargo insurance offering for its customers.
“[AXA] is one of the largest insurance companies in the world,” said Komoni. “It is not an immediate concern but two or three years from now, [the partnership] could be quite interesting for us in the cargo insurance space.”
Komoni said Sorenson Capital’s Internet of Things investments have provided a number of large retailers with their current warehousing technologies, and Qualcomm Ventures provides the chip technology behind Tive’s trackers.
After growing revenue over 300% and acquiring more than 200 new customers in 2021, this new capital infusion will allow Tive to continue growing its customer base globally by expanding its current sales and marketing teams and continuing to build up its hardware and software products, Komoni said.