Overhaul raises another $55 million to help companies like Dyson and Microsoft fight supply chain theft

Businesses that depend on a physical supply chain—the network of facilities and transportation systems used to move materials from one place to another—face a number of difficultiesfrom staff shortages to rising customer expectations. The pressures are not easing. according to According to a survey by real estate investment trust Prologis, two-thirds of executives said they were losing sleep over supply chain issues.

Barry Conlon and David Broe faced some of these stressors when they founded FreightWatch, a startup that provides “freight visibility” and supply chain security to corporate clients. After selling FreightWatch in 2012, Conlon and Broe saw an opportunity to more innovatively address supply chain blockers using telemetry and data.

So, four years after leaving FreightWatch, Conlon and Broe put what they learned into one place. Overhaulis a platform that helps companies track the location of their goods in the supply chain while combating theft. Overhaul also reports on the quality and compliance of products in transit and seeks to identify areas of possible cost savings.

Cargo theft is on the rise, the result of emboldened organized crime groups. according to CargoNet, a cargo theft prevention and recovery company, reported that cargo theft in the US and Canada increased 14% year over year in Q3 2024. The total value of stolen goods exceeded $39 million for the quarter.

“Many in our industry struggle to gain visibility into their supply chain, especially when working with multiple suppliers and partners,” he said. “Without visibility, it’s hard to identify and mitigate risks.”

Overhaul, which today has about 350 customers including Microsoft, Dyson and pharmaceutical giant Bristol Myers Squibb, develops software to anticipate delays in shipments. The software is artificial intelligence models trained on transit telemetry and contextual data that can detect events such as when cargo is at risk, Conlon said.

“Our platform can alert our global security operations,” added Conlon, “which can provide real-time shipping and cargo information via smartlink to local law enforcement for action and to respond to intercept and recover cargo in the event of a theft.” .”

Overhaul certainly has no shortage of competition in the software market for supply chain visibility, which could be worth $12.6 billion by 2032. to guess. Tive, Bower, Project 44and FourKites It is among the main competitors of major repairs.

Funding isn’t getting any easier for supply chain startups. according to According to PitchBook, only $7.1 billion was invested in the sector during the third quarter of last year – a far cry from 2021, when it brought in $63.7 billion.

To stay competitive, Overhaul launched new programs,intelligence as a service” offering, a cargo insurance program and a cold chain quality solution for pharmaceutical and food & beverage customers.

This strategy helped the company attract new investors. Today, Overhaul announced it has raised $55 million in a funding round led by Springcoast Partners, with participation from Edison Partners and Americo.

Bringing the total overhaul to about $150 million, Conlon said the new money will go toward product development, strategic acquisitions and growing the Austin-based firm’s 600-person team.