Gravity Supply Chain, the developer of cloud-based supply chain and logistics visibility platform announced that it has raised an additional US$2.5 million round of venture financing, bringing the company’s aggregate equity funding to US$7.5 million.
The company based in Hong Kong will use the funds to expand its existing suite of applications and help accelerate revenue and customer growth in key target markets.
Founded in 2014 by CEO Graham Parker and COO Darren Palfrey, Gravity aims to bridge the IT gaps for importers, shippers and logistics services providers through an end-to-end, real-time visibility platform of the entire global supply chain.
The platform helps to accelerate and streamline the collection, analysis, and sharing of real-time data which will enable users to improve collaboration as well as to facilitate cost-effective decision making. This will also help in identifying issues that will impact customer service level.
To achieve this, Gravity’s in-house magNET-T serves as the foundation for its suite of modular apps, using Web APIs, AI Bots, and proprietary algorithms. The integration functions to unlock and gather data scattered across an organization’s immediate supply chain, as well as multiple tiers.
On top of that, the application also collects information about what is happening in the world – including the latest weather, labor strikes or natural disasters which will provide instant awareness of potential supply chain disruption.
At present, Gravity’s client base includes retail, e-commerce, consumer products and logistics companies.
With representation in Hong Kong, Singapore, Australia and South Africa, the new funding round will enable the supply chain company to continue growing its sales and marketing presence in existing and new markets globally, particularly in North America.
The company will open a new US office in Chicago in June 2017 and plans to expand its Technical and Customer Success Teams to service its growing number of clients, including companies such as Tiger Global Logistics, a US$1 billion global logistics and transportation provider which has an extensive client base across North America.
“This milestone will help accelerate our phenomenal growth and development. Our application of big data and predictive analytics take the guesswork out of supply chain planning and management,” said Parker.
Gravity Supply Chain has recently been named one of Asia’s Top Logistics Tech Providers.
By Vivian Foo, VCNewsNetwork