Overhaul Secures $55M to Enhance AI-Powered Supply Chain Risk Management

Irish-founded Overhaul secures $55m

The fresh funding will be used to advance its AI offering and support its ongoing acquisition plans. Supply chain software company Overhaul has secured $55m in equity funding in a round led by Springcoast Partners. Founded in Ireland in 2016 by Barry Conlon and David Broe, the company has developed a software platform that gives organisations better visibility over the security of their supply chains. According to the company, it safeguards more than $1.4trn in cargo trade at any given moment. Companies that use its services include Microsoft, Dyson and Bristol Myers Squibb. Overhaul, which is headquartered in Austin, Texas, said it will use the latest funding to enhance its proprietary AI technology to identify and mitigate supply chain risks, enhance customer value and to support its ongoing acquisition plans to expand its reach. In February 2023, the company acquired cargo theft monitoring platform SensiGuard. A month later, it received $73m in funding, with growth equity investor Edison Partners leading the investment. Conlon, who is the CEO of Overhaul, said the supply chain tech space will see "significant consolidation" over the next two years and Overhaul can deliver "the ultimate integrated solution". "Springcoast's investment, together with continued support from Edison Partners and Americo, is a testament to the strength of our vision and the value we deliver to our customers," he said. Springcoast is a New York-based growth equity firm focused on partnering with software and technology companies. As part of the investment, Chris Dederick and Holger Staude from the firm will join Overhaul's board of directors. Staude said Conlon and his team have positioned Overhaul as "a global leader in active supply chain risk management and intelligence". "We believe the company's fully integrated solution sets it apart in the market, and we are excited to support their go-forward growth plan," he said. Don't miss out on the knowledge you need to succeed. Sign up for the Daily Brief, Silicon Republic's digest of need-to-know sci-tech news.

Overhaul raises $55M for its AI-powered cargo management platform - SiliconANGLE

Overhaul raises $55M for its AI-powered cargo management platform Overhaul Group Inc., a startup helping enterprises protect merchandise while it travels through their supply chains, has raised $55 million in fresh funding. Overhaul said in its announcement of the round today that Springcoast Partners was the lead investor. Returning backers Edison Partners and Americo chipped in as well. The cash infusion brings the company's total outside funding to about $150 million. Overhaul provides an artificial intelligence platform that promises to help companies protect their cargo against damage, shipping delays, theft and other risks. Its interface is built around a map that visualizes the location of every cargo shipment in an organization's supply chain. A sidebar displays a list of outstanding shipping issues prioritized by severity. Overhaul can spot when a cargo shipment deviates from the route that it should take to a company's warehouse. The platform also flags shipping delays, such when a container spends more time at a port than usual. Overhaul says that its platform can track merchandise regardless of whether it's being transported by truck, train, plane or ship. The company provides a set of features focused specifically on temperature-controlled merchandise such as food products. Overhaul provides sensors that customers can deploy in their containers to monitor temperature levels. For products with expiry dates, the platform displays a timer that starts counting down from the moment they're packaged. According to Overhaul, the cargo data collected by its software helps companies not only reduce merchandise loss but also negotiate better terms with insurers. Customers can use the data to demonstrate the reliability of their supply chains and secure lower policy prices. Moreover, Overhaul provides its own insurance offering that it positions as a more cost-efficient to competing plans. Alongside its core cargo monitoring features, the platform provides tools for managing delivery trucks. Overhaul creates an inventory of a company's delivery fleet and points out underutilized vehicles that should be leased out to boost profit margins. There's also a console for tracking truck maintenance schedules. Overhaul's platform is used by more than 300 organizations including Microsoft Corp., Dyson Ltd. other large enterprises. The company claims that it protects millions of merchandise shipments representing $1.4 trillion in cargo trade. "The supply chain technology space will see significant consolidation over the next 12 to 24 months," said Overhaul Chief Executive Officer Barry Conlon. "Overhaul is well-positioned to establish itself as the ultimate integrated solution."

Overhaul raises another $55M to help companies like Dyson and Microsoft fight supply chain theft | TechCrunch

Businesses dependent on the physical supply chain -- the network of facilities and transportation systems used to move materials from one location to another -- chain face a number of challenges, from staff shortages to increasing customer expectations. The pressures aren't easing up. According to a survey from Prologis, a real estate investment trust, two-thirds of executives say that they're losing sleep over supply chain-related problems. Barry Conlon and David Broe ran into some of these stressors themselves while founding FreightWatch, a startup that provided "cargo visibility" and supply chain security solutions to corporate clients. After selling FreightWatch in 2012, Conlon and Broe saw an opportunity to address supply chain blockers in a more innovative way, harnessing telemetry and data. So, four years after FreightWatch's exit, Conlon and Broe funneled what they learned into Overhaul, a platform that helps companies track the location of their goods in the supply chain while combating theft. Overhaul also reports on the quality and compliance of products while in transit, and tries to identify areas of possible cost savings. Cargo theft is on the rise, a consequence of emboldened organized crime groups. According to CargoNet, a cargo theft network, cargo theft across the U.S. and Canada increased 14% year-over-year in Q3 2024. The total value of stolen goods exceeded $39 million for the quarter. "Many in our industry struggle to gain visibility into their supply chains, especially when dealing with multiple suppliers and partners," Conlon, Overhaul's CEO, told TechCrunch. "Without visibility, it's difficult to identify and mitigate risks." Overhaul, which has roughly 350 customers today, including Microsoft, Dyson, and pharma giant Bristol Myers Squibb, develops software to anticipate freight shipping delays. Powering the software are AI models trained on in-transit telemetry and contextual data, which can detect events like when a cargo load is at risk, said Conlon. "Our platform can alert our global security operations," Conlon added, "who can push shipment and cargo data via a 'smartlink' in real time to responding local law enforcement to move into action and prevent and recover cargo in the event of a theft." Overhaul certainly has no shortage of competition in the market for supply chain visibility software, which could be worth $12.5 billion by 2032, by one estimate. Tive, Altana, Project44, and FourKites are among Overhaul's top rivals. And it's not getting easier for supply chain startups to raise money. According to PitchBook, only $7.1 billion was invested in the sector last year through Q3 -- a far cry from 2021, when it brought in $63.7 billion. To stay competitive, Overhaul has launched new apps, an "intelligence as a service" offering, a cargo insurance program, and a cold chain quality solution for pharma and food and beverage clients. That strategy has helped the company to net new investors. Today, Overhaul announced that it raised $55 million in a funding round led by Springcoast Partners with participation from Edison Partners and Americo. Bringing Overhaul's total raised to around $150 million, the fresh cash will be put toward product development, strategic acquisitions, and growing the Austin-based firm's 600-person team, Conlon said.