Supply chain startup Overhaul announced Tuesday it closed on a $17.5 million funding round led by Edison Partners.
Overhaul helps its customers in the pharmaceutical and food industry collect their supply chain-related data in one place and fix issues relating to everything from temperature control to package tracking. The platform uses AI and machine learning to track every facet of the supply chain through cargo sensors, communications and tracking devices.
The goal is to improve the information these companies have about their supply chain so companies can streamline their operations, allowing cargo to arrive at its destination undamaged and on time.
“Every company is looking for a way to use data to increase productivity while decreasing costs and risk; their UPS left turn,” CEO and founder Barry Conlon said in a statement. “Overhaul is continually disrupting the logistics industry by arming our clients with the tools and transparency to cut supply chain risks and inefficiencies, enhance quality and control across their supply chain and improve overall customer satisfaction to stay ahead of the curve.”
This round brings Overhaul’s total funding raised to $27.5 million. The company says it tripled its headcount last year and plans to do the same in 2020 at its headquarters in Austin and Ireland. The funding will also be used to expand into new markets and grow its product offerings.
