The platform provides real-time monitoring, predictive intelligence and immediate response capabilities to protect cargo from theft, damage and delays, the company said in a Wednesday (Aug. 20) press release.
Overhaul safeguards over $1.4 trillion in cargo trade at any given moment, achieves a 99.9% shipment protection rate, and maintains partnerships with law enforcement agencies to ensure rapid recovery in the event of theft, according to the release.
With the new capital, the company will add artificial intelligence-driven capabilities to the platform, continue building enterprise-level solutions and pursue strategic acquisitions, per the release.
“Our engineering and development efforts are focused on solving real-world problems, and this investment helps us accelerate that mission,” Overhaul CEO Barry Conlon said in the release.
Holger Staude, managing partner of Springcoast Partners, which led the funding round, said in the release: “Overhaul is building the system of record for global, high-value supply chains. The company’s proprietary data assets, operational depth and commitment to solving real-world logistics challenges set it apart in a consolidating market.”
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Meanwhile, Overhaul announced Tuesday (Aug. 19) that it acquired end-to-end supply chain visibility platform FreightVerify.
The company said the integration of the two organizations will reinforce Overhaul’s mission to go beyond traditional shipment tracking by adding FreightVerify’s ability to offer item-level tracking, down to individual products, SKUs and attributes.
“The market has evolved, and the next generation of supply chain solutions needs to address not only in-transit risk but also connect to the impact on inventory outcomes and customer experience,” Conlon said in a Tuesday press release. “Our approach ensures any delayed shipment can be linked to its contents to proactively prevent and act against downstream issues that would disrupt factories, stores and customer orders.”
The PYMNTS Intelligence report “Middle-Market CFOs Tag Competitive Positioning Among Top Drivers of Uncertainty” found that companies are looking for integrated, tech-enabled solutions that allow them to respond quickly to changing demand, navigate supply chain disruptions and provide a better customer experience.
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