Backed by RRE Ventures and Two Sigma Ventures, Tive offers real-time, in-transit location and condition insights to every part of the supply chain
Boston, MA /PRNewswire/ - Tive, Inc., a leading provider of global supply chain visibility insights, announced today that it secured a $12 million Series A funding round from RRE Ventures, followed by Two Sigma Ventures, with participation from existing investors NextView Ventures, Hyperplane Ventures, One Way Ventures, Fathom Ventures, and others. The new investment will fuel Tive's rapid growth and drive product innovation for seamless shipment tracking, alerts and analytics.
Shipment tracking is incredibly complicated, unreliable and expensive. Tive is changing that by providing real-time visibility into the entire shipment process, including hyper-accurate location data and condition insights such as temperature, shock, light exposure and humidity. Tive's release of the industry's first 5G-ready single-use tracker was met with intense market interest and approval. Customer adoption is on the rise with aggressive growth in new customers and 570% growth in annual revenue, driven in part by the delivery of the first Non-Lithium powered tracker to address the market's concerns over Lithium-Ion safety and environmental impact.
"The $20 trillion shipping industry is starting to expect more," said Raju Rishi, General Partner at RRE Ventures. "They are rapidly adopting Tive to gain real-time insights on their shipments, giving them a level of visibility not yet seen before in the industry as well as a new window of opportunity to actually intervene if shipments are being improperly handled. Over the four years we've known Krenar, we've seen Tive's full-stack tracking solution be aggressively pulled into the market by a diverse customer base and we're proud to be backing him and his team as they build a category-defining company in supply chain tracking."
"Given the growing demand for Tive's full line of tracking solutions, it was obvious that now was the time to dramatically expand our ability to meet industry demand," said Krenar Komoni, CEO at Tive, Inc. "Gaining the support of RRE Ventures and Two Sigma Ventures, as well as our current valued investors, means we can leverage their expertise and focus on growing our customer-centric platform. The infusion of growth capital means bringing products to market faster, enhancing our sales and marketing efforts, adding key leadership, and growing our international presence."
Tive delivers real-time in-transit visibility of shipments around the globe with data-driven insights from an enterprise-class Visibility as a Service (VaaS) platform. With Tive, shippers and third-party logistics providers (3PLs) can track and monitor the location and condition of their products while in transit. Tive's VaaS solution provides data generated by its industry-leading trackers allowing clients to proactively optimize their shipments, improve their customers' experience, and unlock supply chain insights in an actionable real-time manner. Tive is based in Boston, MA. For more information, visit: www.tive.co