Tive Start-up is bringing robust growth for the supply chain sector. Tech start-up which is based in Massachusetts their Series B funding raised $79 million.
The experts predicted that supply chain disruptions are provoked by the factors such as demand surges, high transportation costs and it is being envision that pandemic impact as lockdown can proceed in the next year.
The companies encounter to burnt/reduce the impact with 36% of small businesses which was observed in 2021 U.S. Census survey report, they have experienced setback through delays with domestic suppliers. As per 2020 Statista survey in automotive and transportation industry expressed their company has lost $50 to $100 million due to supply chain issue and it impact their figure which became higher.
Tive tracker raised the funding of $54 million.
Tive start-up benefits
Tive provides benefit supply chain with the visibility insight that helps the companies to control their in-transit shipments condition and location. Tive has announced that it has raised $54 million in a Series B financing round which is led by AXA Venture Partners.
Tiva is the best tracking technology in the industry, it is known as world’s first 5G single-use(multi-use) tracker which can track hyper-accurate location. First non-lithium-based tracker which is a super intuitive software platform to monitor service for 24/7.
Many companies tracked this unsolved problem on the global supply chain, they were dependent for their supplies, manufacture, ship transport on global supply chain. The companies use visibility data to prevent stock pile-ups in locations. As per Komoni usually the maximum tracking is led through loose systems of spreadsheets, phone calls and emails.
According to the Statista poll which was taken before pandemic highlighted that supply chain executives observed that visibility was the huge challenge that companies confronted. In 2017 survey by GEODIS, the firm of logistics and transportation showed 6% of companies had visibility in their supply chain system.
Tive co-founder is Knear Komoni.
Komoni is a chip designer and co-founder of Tive. He co-founded Tive in 2015 which offers cloud-based software, service to track shipment and sensors through the progress of supply chain. Company hardware does record location metrics such as humidity, shock, temperature and light exposure. The company software enables shippers to create profiles, set custom alerts and it pull data through the use of API, which means their data on company shipments has flexible access.
Tive series-B funds
Komoni mentioned that Tive declares that one of the world’s largest logistic companies use their platform to track pharmaceutical shipments across the world, its customer base stand at 350 companies in industries.
The investors are behind Tive Start-up which least judges by the resilient of its Series B, in this there are no shortage of competition. Around $11.3 billion in venture funding was made invested for supply chain startups which includes Emerson, Project44 and Sensitech that raised $202 million this investment was led by Goldman Sachs.
Koimoni mentioned the recent investment is used for land and expansion opportunities. This will fuel the company rapid growth international presence, expansion of global sales and marketing initiatives.
Tive’s Series B is based in Massachusetts these are investors Two Sigma Ventures, NextView Ventures, Broom Ventures and Supply chain Ventures, they raised $79 million till this date.