$12 million secured in funding for supply chain visibility provider Tive
The new investment will be used to fuel Tive’s growth and drive product innovation
Tive, a start-up providing shipment tracking, alerts and analytics, has secured $12 million in funding.
Tive provides real-time data and insights around shipments, including temperature, shock, light exposure and humidity through a single-use tracker.
After Tive’s release of the industry’s first 5G-ready single-use tracker was met with market approval, and the delivery of the first non-Lithium powered tracker to address the market's concerns over Lithium-Ion safety and environmental impact, they claim their customer adoption is on the rise, with aggressive growth in new customers and a 570% growth in annual revenue.
"The $20 trillion shipping industry is starting to expect more," said Raju Rishi, General Partner at RRE Ventures, one of Tive’s funding partners.
"Given the growing demand for Tive's full line of tracking solutions, it was obvious that now was the time to dramatically expand our ability to meet industry demand," said Krenar Komoni, CEO at Tive, Inc. "Gaining the support of RRE Ventures and Two Sigma Ventures, as well as our current valued investors, means we can leverage their expertise and focus on growing our customer-centric platform. The infusion of growth capital means bringing products to market faster, enhancing our sales and marketing efforts, adding key leadership, and growing our international presence."