SAN FRANCISCO--(BUSINESS WIRE)--Kargo, a supply chain visibility company, today announced a $25 million Series A led by Sozo Ventures with participation from Founders Fund, Activant, Human Capital, Strike Capital, Lineage Ventures, and Flexport. The capital will be used to expand the Kargo team and scale its software and hardware offerings. Kargo also announced that Sozo Ventures’ Managing Director Spencer Foust has joined its Board of Directors.
Kargo is connecting the physical world of freight with the digital ecosystem used to manage it, creating a real-time source of truth within the supply chain. Its integrated hardware and software product gathers data at the loading dock, and uses it to automate critical handoff points and provide visibility of freight and facility operations. This enables Kargo customers to optimize their operations, which is critical given a record 96% of industrial space is currently in use, and eliminate human error, leading to an improved supply chain.
“The loading dock is a critical, physical point of contact for supply chain partners where all stakeholders - shippers, LSPs, carriers - interact. For years, avoidable mistakes like miscounting a load or not catching damaged goods have caused inefficiency across the board,” said CEO and founder Sam Lurye. “There isn’t a single SaaS solution to tackle this problem, so we created our Kargo Towers and accompanying platform to flag inefficiencies in real time and finally bring visibility to loading docks.”
The global supply chain management market size is expected to reach $42.46 billion by 2027 (Research and Markets). Kargo is the only company using computer vision and edge computing to create a completely new source of real-time, accurate data on freight and facility operations. Kargo captures and leverages its own data - not aggregate or existing data sources - to provide unmatched visibility for customers, and automate processes. How it works:
- Sensing Towers at the loading dock door automate the freight inspection and QC processes. At the same time, Kargo is gathering, analyzing and operationalizing unique data that provides visibility of both freight and facility operations.
- The Platform aggregates and operationalizes data for every supply chain stakeholder. It sits on top of existing ERP or WMS and Kargo’s sensor towers and flags real-time exceptions like overages, shortages, damage and operations failures.
“Sam and his team are bringing visibility to a critical node in the supply chain, which will enable them to become the premier warehouse and supply chain management company,” said Sozo Ventures’ Managing Director Spencer Foust. “Kargo is innovating in an industry that's been left largely untouched, but is critical to the global economy by leveraging emerging technologies to create a new data source that has the power to redefine how we transport products.”
The company works alongside some of the biggest names in logistics including Flexport, Lineage, and Smart Warehousing.
"At Flexport, we’re on a mission to make global trade easier for everyone and Kargo’s product does just that,” said Ben Braverman, Chief Customer Officer at Flexport. “Kargo towers secure our network by generating a digital record of every item entering or exiting a Flexport facility, 24/7 and we’re excited to become an investor as well as a customer."
Kargo was founded in 2019 in San Francisco with remote employees across the country. Kargo has a lot of interesting technical challenges to solve and is hiring a team of hardware and software engineers to achieve them. Kargo currently employs a team of 20 and plans to triple its workforce in the next 6 months, adding satellite offices.
About Kargo
Kargo's mission is to build a connective tissue between the physical world of freight and the digital ecosystem used to manage it. Kargo believes that advancements in smart infrastructure are critical to enabling visibility and a more efficient future for logistics. Kargo's sensor platform verifies all incoming and outgoing freight, aggregating data that enables logistics providers to efficiently manage freight operations and provide visibility to shippers and other key stakeholders and carriers to efficiently manage dock operations, switch out suppliers and understand material flow in real time. Kargo was founded in 2019 and is headquartered in San Francisco. https://mykargo.com/
