Overhaul, a platform dedicated to enhancing supply chain security and visibility, has raised $55 million in a funding round led by Springcoast Partners, with contributions from Edison Partners and Americo. The fresh capital brings the Austin-based company’s total funding to approximately $150 million, positioning it for continued growth in a competitive and rapidly evolving sector.
Founded by Barry Conlon and David Broe after their successful exit from FreightWatch in 2012, Overhaul helps companies like Microsoft, Dyson, and Bristol Myers Squibb track the location of goods in transit while also tackling cargo theft, a growing issue in the supply chain industry. The platform uses AI-driven models powered by telemetry and contextual data to predict potential shipping delays and identify risks like theft.
Cargo theft in North America has escalated, with statistics from CargoNet revealing a 14% year-over-year increase in Q3 2024, totaling more than $39 million in stolen goods. Overhaul aims to mitigate these risks by offering real-time alerts and integrating its platform with local law enforcement for swift response during incidents of theft.
With around 350 customers, Overhaul competes with several established players in the supply chain visibility software market, including Tive, Altana, Project44, and FourKites. Despite the challenges, Overhaul remains focused on staying ahead of the curve, recently launching new products, including an “intelligence as a service” offering, cargo insurance, and a cold chain quality solution for the pharma and food and beverage sectors.
The company plans to invest the new funds into product development, strategic acquisitions, and expanding its team of 600 employees. As businesses continue to face mounting pressure from supply chain disruptions, Overhaul’s innovative approach aims to provide much-needed security and efficiency to a sector in constant flux.
Featured image courtesy of Camelot Management Consultants
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