Overhaul Secures $55 Million to Expand AI-Powered Cargo Management Tools
Overhaul Group Inc., a company specializing in AI-driven cargo management solutions, has successfully raised $55 million in a new funding round. The investment was led by Springcoast Partners, with participation from existing backers Edison Partners and Americo. This latest funding brings the company's total external capital raised to approximately $150 million.
The company's platform is designed to address various risks associated with cargo transportation, including damage, delays, and theft. Overhaul's interface features a dynamic map that shows the real-time location of shipments across an organization’s supply chain, alongside a sidebar that prioritizes active shipping issues by severity.
One of its standout features is the ability to detect route deviations, alerting users when a shipment diverges from its planned path. The platform also tracks delays, such as prolonged container stays at ports. Notably, Overhaul claims that its technology supports cargo monitoring across multiple modes of transportation, including trucks, trains, planes, and ships.
A key focus of the platform is its capability to manage temperature-sensitive shipments like food products. Overhaul provides sensors that monitor temperature levels within containers, ensuring compliance with required conditions. For perishable goods, the platform includes a countdown timer that activates once the items are packaged, helping users track product viability more effectively.
The data collected through Overhaul’s system not only aids in reducing cargo loss but also allows companies to secure better insurance terms by demonstrating the reliability of their supply chains. Additionally, Overhaul offers its own insurance products as a cost-effective alternative to traditional policies.
The platform also incorporates tools for fleet management, such as identifying underutilized delivery vehicles that could be leased to improve profitability. It includes features to track maintenance schedules, enhancing operational efficiency for businesses reliant on large vehicle fleets.
Overhaul’s solutions are currently utilized by over 300 organizations, including Microsoft Corp. and Dyson Ltd., with the company reporting that it safeguards millions of shipments valued at $1.4 trillion in global cargo trade.
Commenting on the industry landscape, Barry Conlon, CEO of Overhaul, stated, “The supply chain technology space will see significant consolidation over the next 12 to 24 months. Overhaul is well-positioned to establish itself as the ultimate integrated solution.”
The company plans to use the new funding to enhance its platform’s features, with a focus on tools for identifying supply chain risks and improving temperature-controlled cargo management. Additionally, Overhaul aims to expand its market presence through strategic acquisitions.
