Honeywell ties up with FarEye
A statement said that FarEye allows mobile workers with devices to manage, visually track and monitor delivery logistics operations.
The global delivery management platform FarEye on Tuesday raised $100 million in its series-E funding round led by TCV, Dragoneer Investment Group and other existing investors including Eight Roads Ventures, Fundamentum and Honeywell.
With the latest funds, the company aims to accelerate their mission of empowering brands to provide Amazon Prime-like delivery experiences and redefining how products are delivered across diverse logistics networks, said a company statement.
FarEye will further focus on expanding its software platform capabilities, drive European and North American expansion, and continue to attract world-class talent.
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As part of the transaction, GopiVaddi, General Partner at TCV, will join FarEye’s board of directors.
Speaking about fundings CEO and co-founder Nahata said, “it is very timely for the delivery and logistics sector as we have seen consumers spending $861 billion online with US retailers in 2020, up 44 per cent from $598 billion in 2019.”
Founded in the year 2013 by Kushal Nahata, Gaurav Srivastava and Gautam Kumar, FarEye is addressing a multibillion-dollar delivery management market that continues to show double-digit year on year growth.
The growth and the digital transformation in the logistics sector has created an opportunity for software-as-a-service platforms like FarEye to provide a superior customer experience, Nahata added.
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