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.

The company 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 its 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.

The platform can spot when a cargo shipment deviates from the route that it should take to a company’s warehouse. It also flags shipping delays, such when a container spends more time at a port than usual. Overhaul says 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 Chief Executive Barry Conlon. “Overhaul is well-positioned to establish itself as the ultimate integrated solution.”

Overhaul will use its latest funding round to extend its platform’s feature set. As part of the effort, the company will add more tools for identifying supply chain risks and managing temperature-controlled cargo. It will also make acquisitions to expand its market presence. 

Photo: Unsplash

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