News / Tive raises $54m in funding round: next stop '100% supply chain visibility'

© Jirapatch Iamkate Dreamstime.com

Supply chain visibility tech has grown to become “table-stakes” during the chaos of the past two years, according to Tive CEO Krenar Komoni.

Tive, which makes small tracking devices which take data readings, including temperature, humidity and shock, grew its customer base by 200 companies in 2021, and supports the operations of major supply chain visibility providers including project44, FourKites, FarEye and others.

Mr Komoni told The Loadstar his company had raised $54m in series B venture capital funding from a consortium of 13 venture capital firms, led by AXA Ventures Partners, to support further development.

AXA Ventures general partner Alex Scherbakovsky said supply chain visibility had become “critical… in solving large-scale problems in the world today”.

Future development in the supply chain visibility segment, Mr Komoni said, would be concerned with increasing the reliability of tracking and sensor data until it was always on and broadcasting, “that is, 100% visibility compliance on every load and shipment, instead of 50% to 80% compliance”, he said.

Food and perishables, pharma, electronics and automotive were sectors “in dire need” of reliable tracking, he said.

“In addition to visibility, monitoring as a service is becoming a requirement for shippers and logistics service providers, as they are getting external pressure to further improve their operating leverage.”

Tive expects to be instrumental in a green shift in logistics chains, thanks to the insights afforded by always-on tracking and status reporting. And the new standard of visibility afforded by companies like Tive has become so widespread that Mr Komoni now expects future government regulations to take them into account.

“Because of the principle that regulation always follows technology, we believe Tive will be one of the most important tools regulators will have to enforce current and future regulations (FSMA, FDA, etc), and also point to what’s possible to obtain enhanced visibility, traceability and chain of custody for every product today.”