Supply chain and logistics visibility firm Tive raised US$54 million in a Series B funding round to help fuel its international footprint and expand sales and marketing initiatives.
The funding was led by AXA Venture Partners, with participation from Sorenson Capital, Qualcomm Ventures, Fifth Wall, SJF Ventures and Floating Point Ventures. Existing backers RRE Ventures, Two Sigma Ventures, NextView Ventures, Hyperplane Ventures, Broom Ventures and Supply Chain Ventures also participated in the round.
Last year, Tive expanded its customer base by 200 and boosted its revenue by more than 300 percent. Aside from international growth, the firm said in a statement that the fresh capital will also be used to speed the development and introduction of next-generation products, solutions and services. The funds will also help deliver actionable supply chain intelligence and 24/7 monitoring.
Tive offers the latest advanced multi-sensor trackers, an intuitive Software-as-a-Service (SaaS) application and live 24/7 shipment monitoring service. Additionally, its supply chain tracking technology delivers real-time shipment visibility in more than 200 countries.
“Tive helps supply chain and logistics professionals bring their customers to the forefront and improve the experience of their deliveries,” Tive founder and CEO Krenar Komoni said in the release. “We empower every shipper and logistics service provider with the best visibility and monitoring tools. We are committed to developing products that create a seamless experience and don’t get in the way of our customer’s daily operations.
“With ongoing dedication from our investors, we continue to innovate and serve our customers while strengthening our position as a global provider of shipment insights that power the next generation of sustainable and efficient supply chains.”
The company founded the Open Visibility Network (OVN) in 2019 to “ensure its vision of a world where everything and everyone is connected becomes a reality,” according to the release. The OVN makes shipment-level data and insights available to mutual customers.
“Tive has been scaling at an impressive rate, executing decisively on its vision where everything and everyone is connected,” said Alex Scherbakovsky, general partner at AXA Ventures Partners. “Supply chain visibility has become critical in solving large-scale problems in the world today, and Tive has emerged as the global market leader.”