The startup will use proceeds from the funding round to strengthen its technological capabilities and global expansion into new markets, including Asia. It is also looking forward to opening its Southeast Asian headquarters in Singapore by Q1 2021. The startup is also negotiating with crucial strategic investors as part of their strategy to close its Series C funding round by Q2-2021.
Sanjay Sharma and Vidya Subramanian founded Roambee in 2014. The startup claims to be providing enterprise-level Internet of Things (IoT) with on-demand, global real-time location and condition tracking for consignments and in-field assets. Its sensor technology and AI-driven platform enable clients to integrate and manage data from multiple sources to generate actionable insights, straight from the item level. The supply chain startup currently operates in the US, Mexico, Brazil, UK, Germany, UAE, India, and Indonesia. It also shared that it experienced both new and existing client growth in 2020, with sales orders increasing two folds from 2019. It even signed contracts with new customers. Prominent clients include Lenovo, Mondelez and the United Nations World Food Programme.
CEO Sanjay Sharma said the pandemic has altered the dynamics of supply severely, increasing any recovery period. He mentions that the startup’s goal is to expand its platform’s competencies to include more sensor and non-sensor data sources to eradicate disruptions and reduce risks in the supply chain.
Roambee had previously raised US$ 18M in a Series B1 funding round led by Swiss-based Anchor Group.
Reefknot Investments was launched in 2018 and is a Singapore-based venture capital firm investing in logistics and supply chain startups. It has previously invested in Previse, an artificial intelligence B2B financing platform and Secondmind, a platform that uses artificial intelligence and machine learning to help humans make complex business decisions. Roambee is the firm’s third significant investment.
Marc Dragon, Managing Director of Reefknot Investments, said Roambee’s platform is exclusively positioned to support its clients and the industry’s shift towards on-demand multi-modal supply chain visibility and insights. He added that the startup’s efforts align with Reefknot’s mandate to invest in innovative technologies that bring about supply chain and logistics evolution.
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