Logistics Technology Vendor Project 44 today announced that it has raised $51 million in investment funding. This is because the company has seen a significant increase in demand for supply chain visualization software despite the limitations and recession of the coronavirus pandemic.
The “Series C” round was provided by a combination of existing investors and new participants Sozo Ventures and Underscore.vc, following previous funding events in 2019 and 2018. Taking all funding rounds into account, project44 currently raises a total of $140.5 million and plans to invest in product innovation, rapid network width and depth scalability, and global expansion. I am.
The new support is due to Project 44 showing a “record” record in the first half of 2020, with bookings increasing 139% during the same period of 2019. This increase was driven by significant growth by retailers, manufacturers and distributors worldwide. In North America and Europe, the Middle East and Asia (EMEA), the company said.
“We’ve confirmed that real-time visibility has become an urgent imperative, as the economy has been under heavy pressure for the past six months,” said Jett McCandless, CEO and founder of project44, in a release. I am. The company’s platform is through shippers and logistics service providers (LSPs) through a network of truck load and below truck (LTL) carriers and connections to telematics and electronic logging device (ELD) devices used in rail, maritime and offshore. ) Provides a high degree of visibility, and air freight mode.
Another logistics technology company that experienced a surge in demand during the pandemic is San Diego-based startup Flock Freight. This software platform typically combines a less than truckload (LTL) mode with a large number of smaller cargoes traveling in a “carpool”. They create a complete truckload.
Backed by a $50 million venture capital round in February and technology giant Google Inc., among its investors, the company says shippers rush to deliver essentials during the coronavirus crisis, Flock Freight. So I saw a “massive expansion” of users during the pandemic. CEO Oren Zaslansky said.
“The crisis itself is a “compulsory function” and it is a compulsory change. That’s what many companies knew they had to do anyway,” said Zaslansky. Some drivers chose to stay at home to avoid traveling to areas with high Covid-19 infections, and the freight carriers that continued to work had slumped fares and truck waiting times in the warehouse. Due to the lengthening, trucking vehicles feel the shock of pandemics. He said it jumped from 30 minutes to 6 or 8 hours.
“These long delays have slowed down the entire supply chain, and that’s exactly what we didn’t need right now,” said Zaslansky. “These types of events drive a lot of innovation. “
This trend has paralleled a recent study by enterprise software vendor IFS, with 70% of companies planning to increase or sustain their digital transformation spending during a pandemic. That total includes 52% of companies that actually plan to increase their spending despite the macroeconomic turmoil.
Survey data show that plans to increase spending on digital transformation during these dynamic times are closely linked to concerns about economic conditions. In fact, the study shows that those interested in economic turmoil are 20% more likely to plan to spend more on digital transformation.
“This study confirms that many companies are leveraging the global recession to divert resources to technology updates and innovations,” said Antony Bourne, senior vice president of IFS Industries. I said in. “Most businesses are accommodating expected economic recovery and do not permanently abandon digital transformation initiatives, so companies with a progressive thinking about technology investment are ready to recover. There is a reason to believe that
There are so many shipping options for sharing truck loads, less than truck loads, and full truck loads that it can be difficult to know which mode is right for you.
The good news is that it offers all of the above. Check out our decision table to determine which service will meet your business needs. pic.twitter.com/DuKkzBVrMa
— Flock Freight (@FlockFreight) June 9, 2020
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