Tive secures $12 million Series A funding to disrupt the $20 trillion shipping industry and provide better shipment tracking
Unless you work in the shipping industry, you don’t know how terrible shipment tracking is. Today, conventional shipment tracking is incredibly complicated, unreliable, and expensive. Imagine what that would do to a $20 trillion shipping industry. Tive is a Boston, MA-based global supply chain tech startup that wants to change that. 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.
Today, Tive announced it has closed a $12 million Series A funding to accelerate its rapid growth and drive product innovation for seamless shipment tracking, alerts, and analytics. The round was co-led by RRE Ventures andTwo Sigma Ventures, with participation from existing investors NextView Ventures, Hyperplane Ventures, One Way Ventures, Fathom Ventures, and others.
Founded in 2015 by Krenar Komoni and Rob Stevens, Tive helps companies take surprises out of their supply chain using cellular-connected trackers and cloud software to track goods in transit. Tive also helps companies improve efficiency and meet regulatory requirements by providing an end-to-end sensor solution to visualize, optimize, and monitor operations in real-time.
Shipment tracking is extremely complicated and 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.”