Tive, Inc., a leading provider of global supply chain visibility insights, announced today that it secured a $12 million Series A funding round from RRE Ventures, followed by Two Sigma Ventures, with participation from existing investors NextView Ventures, Hyperplane Ventures, One Way Ventures, Fathom Ventures, and others. The new investment will fuel Tive’s rapid growth and drive product innovation for seamless shipment tracking, alerts and analytics.
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Shipment tracking is incredibly complicated, unreliable and expensive. Tive is changing that by providing real-time visibility into the entire shipment process, including hyper-accurate location data and condition insights such as temperature, shock, light exposure and humidity.
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Tive’s release of the industry’s first 5G-ready single-use tracker was met with intense market interest and approval. Customer adoption is on the rise with aggressive growth in new customers and 570% growth in annual revenue, driven in part by the delivery of the first Non-Lithium powered tracker to address the market’s concerns over Lithium-Ion safety and environmental impact.
“The $20 trillion shipping industry is starting to expect more,” said Raju Rishi, General Partner at RRE Ventures. “They are rapidly adopting Tive to gain real-time insights on their shipments, giving them a level of visibility not yet seen before in the industry as well as a new window of opportunity to actually intervene if shipments are being improperly handled.
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