Smart lock technology provider BoxLock announced it has secured $4.5 million in equity funding.
Launched in 2017, the Atlanta-based company’s technology uses barcode scanning to secure unattended deliveries to residences and businesses.
From the press release: “BoxLock’s smart padlock unlocks when out-for-delivery packages are scanned with their proprietary barcode technology. The company’s inventory, access and security solutions integrate into existing systems to help businesses make their supply chain more efficient, accountable and reliable in the first and final mile.”
BoxLock’s delivery technology has interoperability with major final-mile delivery companies including UPS, USPS, FedEx and Amazon.
Many transportation and technology veterans have a stake in the company. BoxLock’s incoming board members include former CEO of Livingston, Southern Air and DHL Asia Pacific, Dan McHugh; former Chief Financial Officer and Chief Operating Officer of Pitney Bowes, Michael Monahan; and former Amazon and Microsoft executive, Robert Williams.
The press release stated that other current and former executives from DHL, TNT, uShip, Aramex, InXpress and Maersk were included in this investment round.
“As an investor, you are always looking for opportunities that can disrupt, differentiate and scale. BoxLock addresses both a business-to-consumer and business-to-business issue by providing effective solutions to ensure secure, unattended asset transfers during the most critical leg of the process — the final mile,” said former CEO of DHL Express US and Agility Asia, Hans Hickler.
Prior to Friday’s announcement, the company had completed only a $750,000 seed round of funding in 2018, according to startup insights platform Crunchbase.
“The benefits are far reaching — higher customer and consumer satisfaction, enhanced supply chain visibility and savings, reduced theft, less traffic congestion and lower environmental impact,” Hickler continued.
The company estimates that more than 1.7 million packages are lost or stolen daily and that the total bill for such parcels will likely result in an $89 billion loss for carriers worldwide in 2020.
“We are fortunate to have such an accomplished group of industry veterans as active investors and advisers in our business. While their financial support is critical, they understand the challenges and opportunities of ensuring secure first- and last-mile delivery better than anyone. Their advice and counsel will be invaluable as we enter our next phase of growth,” said BoxLock founder and CEO Brad Ruffkess.