The logistics technology startup snags $7 million from Wavemarker Partners to finance global expansion.
Logistics technology startup Gravity Supply Chain has garnered $7 million in new funding from venture capitalist group Wavemaker Partners to continue its global expansion.
Gravity uses web APIs, bots and proprietary algorithms to obtain data across an organization’s immediate supply chain as well as the multiple tiers that support it.
In the first few months of 2018, Gravity secured new contracts with Advanced Supply Chain Group, Gosselin Forwarding, MapCargo International and Unsworth Global Logistics.
All four companies are deploying Gravity’s core purchase order management software and its recently launched shipment tracking software, dubbed Shipment Tracker.
“Delivered as one integrated platform, the Gravity shipment tracking software offers real-time multimodal shipment tracking and exception management, with the purchase order management software delivering additional functionality, including vendor management and advanced visibility into the end-to-end supply chain,” the company said.
Shipment Tracker was developed for freight forwarders and logistics providers and officially launched in February. However, the shipment tracking solution had a soft launch in mid-September for the WCA, the world’s largest network of independent freight forwarders and logistics providers.
Shipment Tracker features preconfigured data connections to ports, airlines and sea carriers and is able to integrate with existing systems, including operation or financial systems.
Shipment Tracker is powered by magNET-T, the foundation of Gravity’s platform on which all of its apps are built.
Gravity said that it will be expanding its suite of modular apps this year to include Source. “When combined with the company’s full suite of modular apps, Source will enable the Gravity platform to deliver seamless visibility from product concept through to commerce,” the company said.
“We have an impressive and extensive client list and a strong business and product development pipeline,” Gravity CEO Graham Parker said. “As a business, we are seeing an extremely positive reaction to our software solution across a wide range of brand owners, retailers, manufacturers and freight and logistics providers. In the coming 12 months, we will place significant emphasis on our sales, customer success and marketing activities as we grow revenues and market share.”
Founded in 2014, Gravity is headquartered in Hong Kong and currently has additional offices in Singapore, Australia, the United Kingdom, the United States and South Africa.
Gravity Supply Chain secures new funding
