Tive Secures 12M-Dollar Investment
BOSTON, MA - For some companies, 2021 is already off to a momentous start, such as Tive, which recently announced that it has secured $12 million in Series A funding. For the global supply chain insight provider, the new investment will continue the company down a path of rapid growth while also driving product innovation.
"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 of Tive. "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."
The funding round was led by RPE Ventures and included other investments from Two Sigma Ventures as well as other existing investors, according to a press release.
Through the new funding, Tive will continue to simplify the shipment tracking process to include real-time visibility throughout the entire process. Tive recently released one of the industry’s first 5G-ready single-use trackers that allows for hyper-accurate location data and condition insights like temperature, light exposure, humidity, and shock.
"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."
Tive has seen an increased customer adoption rate and notable growth in new customers. Since its inception, Tive has had a 570 percent increase in annual revenue, in part due to the introduction of the first non-lithium powered tracker that eases the market concerns of lithium-ion safety and environmental impacts.
As Tive continues to expand across the industry, AndNowUKnow will bring you the latest news.