Savi Technology raises US $7.5 million
16/01/2019
Savi Technology®, a developer of big data/machine learning analytic solutions, supply chain management software and sensor technology, has announced that it has raised $7.5 million (approximately £5.94 million) in financing led by Eastward Capital Partners and joined by current internal investors.Kimberly Cafferty of Cafferty & Company was an advisor to Savi for this investment agreement. This capital infusion will accelerate the development of Savi’s innovative in-transit visibility and analytics suite and expand commercial and government market growth.
“Our in-transit visibility solutions help government agencies and Fortune 500 organisations across industries and sectors transform their supply chains to be more agile, reduce costs and avoid expensive losses and disruptions,” said Rich Carlson, Chief Executive Officer, Savi Technology. “This investment acknowledges the sizeable market opportunities before us to take global supply chains digital with our machine learning solutions and advanced IoT sensor technologies.”
Savi Technology experienced strong growth in 2018 in both the commercial and public sectors. Recently, the company announced several multi-million dollar government orders. The company will continue to develop new products to support and grow its government business. Savi is currently the sole provider for the active RFID-IV contract to the US Department of Defense (DoD). The company provides the DoD, other agencies and allied partners with state-of-the-art hardware, software and integration services, including active radio-frequency identification (RFID) sensors, readers and real-time location systems (RTLSs) for asset tracking and in-transit visibility for locating and monitoring assets worldwide. Savi has added top manufacturing customers and third-party logistics providers on the commercial side, finding resonance for its product suite with organisations shipping high-value goods globally.
