The logistics software-as-a-service (SaaS) platform FarEye announced on Tuesday that it is in a Series E round led by US-American. Raised $ 100 million Technology Crossover Ventures (TCV) and Dragoneer Investment Group as the pandemic increases the need for companies to efficiently scale their supply chain operations to service rising online shipments.
“We are very proud that TCV and Dragoneer are among our established investors to support our progress as we become a global leader in delivery management. The growth and digital transformation in the logistics sector have given software platforms such as FarEye the opportunity to deliver a superior customer experience.
He said the company will use the fund to expand its business in the US and Europe and move its product from an automation platform to an autonomous platform where every single decision from a customer’s order to delivery is controlled through the platform.
The fund will also be used to acquire technology startups that have deep synergy with the company. “We’re going to be very aggressive in expanding our business in the US. People liked our product there and acceptance is very high there, ”said Nahata.
He said 80 percent of the company’s sales come from overseas. FarEye plans to increase the company’s workforce from currently around 500 to 700 this year.