The Supply Chain Matters blog features our seventh in the year 2020 editions of This Week in Supply Chain Management Tech.
This series presents a brief synopsis of noteworthy supply chain management focused technology news which we believe would be of specific interest to our global-based blog readership.
With the ongoing impacts of the COVID-19 global pandemic, it would seem that tech deals remain in the pipeline.
Included in this edition are capsulated highlights of noteworthy announcements and/or developments related to the B2B logistics and direct procurement technology segments.
FarEye Secures Series D Funding
New Delhi based logistics SaaS platform technology provider FarEye announced a $25 million Series D funding event led by M12, a venture arm of Microsoft, with participation from Eight Roads Ventures and Honeywell Ventures. Existing investor SAIF Partners also participated in the current round.
Founded in 2013, FarEye’s predictive logistics platform is focused on helping enterprises to orchestrate, track, and optimize their logistics operations. The technology is focused on both B2C and B2B segments and has an emphasis on predictive logistics.
The company’s technology is deployed across 20 countries and includes more than 150 global Retailers, Consumer Goods companies and Logistics & Transportation providers including DHL, Amway, Dominos, Walmart, Johnson & Johnson and Hilti.
WorkJam Secures Series C Funding
Montreal based WorkJam, a provider of digital workplace applications technology for organizations with frontline employees, announced the closing of an oversubscribed $50 million Series C round led by top Canadian venture capital firm Inovia Capital, with participation from Fonds de Solidarité FTQ and Claridge Inc. All existing investors also participated in the round including Lerer Hippeau, Blumberg Capital, Harmony Partners and WorkJam’s management team.
With services focused industry is being rocked by current disruptive events, it is imperative that employers put the power of communication and scheduling into hourly employees’ hands. As the market fluctuates, work shifts fluctuate, and employers must provide a central repository of training information that can be updated instantaneously to enable frontline employees to retrieve information anywhere and anytime. The company’s digital workplace platform is targeted to eliminate confusion when policies or operations change.
The latest funding round reportedly will allow WorkJam to continue to innovate, expand geographically, seek acquisitions, and invest in its employees — further solidifying its position in the market and advancing its mission to help businesses achieve breakthrough cost-savings and productivity increases while cultivating an engaged and motivated non-desk employee workforce.
According to the company, currently, there are over 1.5 million frontline employees utilizing its Digital Workplace Platform across 35 countries, operating in 28 languages. Deployed across multiple industries, this platform enables non-desk employees with scheduling capabilities, an open shift marketplace, task management, bi-directional communication between frontline and headquarters staff, among other capabilities.
With a history of working with mid-size and large enterprises, this provider indicates extensive experience in enabling communications and productivity improvements for frontline workforces and has built into the platform its expertise and experience in compliance needs, work rules, workflows and best practices in optimizing employee engagement and cost-cutting.
SourceDay Closes Series B Funding Round
Austin Texas based SourceDay, a supplier of a collaboration engine supporting direct spend procurement needs, announced that the company has closed a $12.5 million Series B round of funding. The investment, led by Baird Capital with participation from existing investors Silverton Partners, ATX Ventures and Draper Associates. Reportedly, all Series A investors participated in the current round.
According to the announcement, more than 6,000 global manufacturers, distributors and suppliers work with this provider’s technology, with many currently relying on the SaaS platform to manage chaotic supply chains that are affected by COVID-19.
Series B funds will enhance this provider’s ability to help its customers mitigate supply chain risk as the pandemic continues to play out and prepare for when the eventual rebound hits.
The company expects to utilize funds from this investment round to invest in product development and go-to-market strategies, along with expanding its ecosystem of complimentary SaaS technology and distribution partners.
In conjunction with the ongoing COVID-19 outbreak impacting so many supply chain management teams. SourceDay is additionally offering its product on a complimentary basis for 90 days to any manufacturer that can benefit from increased automation and more efficient collaboration with suppliers.
Slync.IO Secures Series A Funding
San Francisco based Slync.io, described as the first purpose-built operating system for global logistics, announced that it has secured an $11 million Series A funding round.
This investment round was led by Blumberg Capital, with participation from Correlation Ventures and existing investors including 235 Capital Partners.
Founded in 2017, early employees are enterprise software and artificial intelligence veterans with many coming from Salesforce.com.
This provider’s Logistics Orchestration™ technology is described as a multi-modal end-to-end platform with an Artificial Intelligence engine for managing and orchestrating global supply chain and logistics operations with ease, making real-time data actionable, going beyond predictive visibility to achieve a new level of connectivity and responsiveness for multiple logistics partners to collaborate effectively.
According to the announcement, the unique API-first, metadata-based platform connects multiple disparate systems, ingests structured and unstructured data, orchestrates resources and automates complex processes for collaboration between the many entities involved in global supply chain logistics networks.
Three of the top five freight forwarders in the world including Kuehne + Nagel, DHL and Expeditors are noted as among industry leading global providers currently utilizing this provider’s technology.
The new funds will reportedly be utilized to support hiring and growth as the company continues to expand its user base across six continents.
This concludes our latest edition of This Week in Supply Chain Management Tech.
An Added Note to Readers– Supply Chain Matters will feature our This Week in Supply Chain Tech highlight series periodically as announcements warrant.