HK-based Gravity Supply Chain raises additional $7m from Wavemaker
Supply chain and logistics technology platform has secured an additional $7 million in a round backed by Singapore’s , the startup said in a statement.
Gravity’s supply chain management software provides managers with real-time visibility over their global end-to-end supply chains. It currently has offices in Hong Kong, Singapore, Australia, UK, US and South Africa.
The proceeds from the round of funding, the company said, will be used to continue its global expansion.
“This latest round allows us to accelerate the development of our supply chain and logistics platform and continue adding value to our clients, their clients and to the overall community of users,” said Gravity Supply Chain CEO Graham Parker. “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 by Parker and Darren Palfrey, Gravity uses web APIs, AI bots and proprietary algorithms to unlock and gather data scattered across not just an organization’s immediate supply chain, but throughout the multiple tiers that support it. It also collects what is happening out in the world – including the latest weather, labour strikes and the impact of natural disasters to keep customers aware of potential supply chain disruptions.
Gravity’s previous round of venture financing came last year, when it raised $2.5 million. In 2016, it had raised $1 million, which came on the back of previous rounds held between December 2014 and September 2015, in which the company managed to raise up to $4 million.
The latest round of investment brings the company’s aggregate equity funding to $14.5 million.
The company recently announced that it had secured new contracts in the first few months of 2018 across its core Purchase Order Management software, and recently launched a Shipment Tracking software.
For Wavemaker, the deal with Gravity follows an earlier investment in video creation platform VidMob. The VC firm has been actively involved in a number of investments since the start of this year, which started with a lead investment in Singapore-based software-as-a-service (SaaS) startup Parcel Perform.