Roambee Completes Series B1 with Reefknot Investments to Drive Global Expansion
- Roambee is a Silicon Valley-headquartered on-demand, Supply Chain Visibility company which works with a number of global enterprises providing AI-enabled prescriptive insights through sensor-driven, real-time logistics monitoring.
- Reefknot Investments is a Temasek-backed global supply chain and logistics sector-focused venture capital fund headquartered in Singapore.
- Reefknot’s strategic investment into Roambee will help fuel its global expansion, including into Asia, ahead of Roambee’s Series C round.
- Roambee’s award-winning innovative technologies have helped global enterprises solve key logistics challenges, including working with pharmaceutical brands around global COVID-19 vaccine distribution.
Santa Clara, California & Singapore, 9 February 2021 - Roambee, Silicon Valley-headquartered, on-demand Supply Chain Visibility company, has received strategic investment from Reefknot Investments, a Singapore-based global venture capital fund focused on supporting supply chain technology and innovation focused start-ups to transform the Supply Chain and Logistics space.
Roambee delivers enterprise-grade Internet of Things (IoT) with on-demand, worldwide real-time location and condition monitoring for shipments and in-field assets. It includes a class-leading sensor technology and AI-based platform to integrate, manage, and rationalize data from multiple sources, to allow clients to extend Supply Chain Visibility capabilities towards intelligent and actionable insights, down to the item level and across road, rail, air, or ocean. Reefknot Investments’ strategic investment in Roambee follows their Series B1 fundraise led by Anchor Group, totalling in excess of US$18 million. It positions Roambee for further technology innovation and global expansion into new markets, including Asia, ahead of its Series C fundraise targeted for Q2 2021.
Roambee is helmed by its Chairman and CEO, Sanjay Sharma, a Silicon Valley-based entrepreneur who, prior to Roambee, has successfully exited two Silicon Valley companies. Speaking around Roambee's record in 2020, and Reefknot Investments' capital injection into the company, he said:
"The pandemic has changed the dynamics of supply drastically, lengthening any recovery period. Our goal is to expand our platform’s capabilities to include more sensor and non-sensor data sources to eliminate disruptions and reduce risks in the supply chain. Reefknot's support will allow us to fast-track the transformation of today's global supply chains through better industry insights - from port controls and trade routes."
In 2020, Roambee witnessed both new and existing customer growth, innovated on the product front, and improved its business controls. Roambee has more than doubled their sales orders from 2019, won new customers and expanded existing engagements in monitoring reusable containers, COVID-19 vaccines, data server products, and smartphones, in addition to working with B2B insurance companies that are using Roambee to reduce their customers' logistics risk. Its most recent customers include Mondelez, Lenovo, IFCO Packaging, ICICI Lombard Insurance, and the United Nations World Food Programme, among others.
Based on a research report by Deloitte, the IoT cloud platform market is expected to grow from US$6.4 billion in 2020 to US$11.5 billion by 2025. Many companies, especially manufacturers from the pharmaceutical sector, are looking for AI-based demand sensing algorithms to simulate multiple scenarios and plan their distribution well in advance as they witness supply-side disruptions and demand contraction. They see Internet of Things (IoT) as the best way of getting quality real-time data across their supply chain.
Marc Dragon, Managing Director of Reefknot Investments, said, “We are excited about this new partnership and believe that Roambee’s blend of class-leading AI enabled Supply Chain Visibility and IoT platform, together with industry tuned industry process insights, is uniquely positioned to support their clients as well as the industry’s push towards on-demand multi-modal Supply Chain Visibility and insights. This aligns with our mandate to invest in transformative technologies that drives supply chain and logistics evolution.”
Roambee will be Reefknot Investments’ third major investment. Other than the injection of fresh funds, Roambee will be able to tap on Reefknot’s Global & Asia connections, and will especially anchor Roambee’s plan to open their Southeast Asian HQ in Singapore by Q1 2021. Roambee’s current offices span across the US, Mexico, Brazil, UK, Germany, UAE, India, and Indonesia. Roambee is also talking to key strategic investors as part of their plan to close their Series C funding by Q2 this year.
Roambee puts you in control of goods and assets - indoors, outdoors, and in-transit - with sensor data monitoring, analytics, alerts, and automated response. Our services are on demand and CAPEX-free; you only pay for what you monitor.
More than 300 global enterprises have chosen Roambee to improve product velocity, compress order-to-cash cycles, and forecast demand accurately. We are continuously investing in AI and data analytics to make trusted business recommendations. Our cloud platform is powered by purposefully built multi-sensor IoT hardware and clever use of global connectivity options to monitor at scale, while Robotic Process Automation (RPA) automates processes for transparent business operations. With a 60+ strong global partner network, Roambee has created a strong business eco-system for visibility.
Roambee is headquartered in the Silicon Valley, USA with regional offices in Mexico, Brazil, UK, Germany, UAE, India, and Indonesia to service our worldwide customer and partner base. For more information, please visit: https://www.roambee.com
About Reefknot Investments
We invest in high growth technology companies pushing new frontiers within the supply chain and logistics space. Beyond the pure financial investment, we further leverage our ecosystem of partners to support our portfolio companies with the necessary domain or technical expertise.
For more information, please visit: https://www.reefknotinvestments.com/
PRecious Communications for Reefknot Investments