KlearNow, a logistics startup based in Santa Clara, has raised $50 million in Series B funding to improve supply chains by eliminating disruptions via its AI-powered platform.
The round was led by Kayne Partners Fund, the growth private equity group of Kayne Anderson Capital Advisors, with participation from other firms like GreatPoint Ventures, Argean Capital, Autotech Ventures, and Activate Capital. This brings the total funding raised by KlearNow to over $66 Million after the closing of a successful Series A round back in May of 2020. Ashok Krishnamurthi, Managing Partner at GreatPoint Ventures, referred to the firm’s participation by stating:
“We are more excited than ever to have partnered with KlearNow. Digitalization has become mission-critical for supply chain logistics. KlearNow provides tremendous value for the supply chain logistics ecosystem, demonstrated by the rapid adoption of its platform by importers, transporters, brokers, and freight forwarders. We are thrilled that KlearNow has continued to expand beyond real-time shipment visibility, offering new unified workflows. During the pandemic lockdowns when the world and companies needed work from home capabilities, KlearNow stepped up, unshackling employees from the office, scanners, and fax machines. With a smart digital solution, supply chain logistics teams were able to work remotely from home and leave the paper world behind. Visibility, productivity, and sustainability are a great combination.”
KlearNow was founded in 2018 with the mission to transform the supply chain industry by making them smarter, more visible, and highly productive. For this purpose, the startup has created a platform that connects the different links in the supply chain while digitizing and streamlining different processes, reducing manual entry times, human errors, and associated costs. Sam Tyagi, KlearNow Founder and CEO, said about how the funding will help the startup accomplish this mission:
“This latest round of funding enables us to aggressively accelerate our technology development and deployment, geographical expansion, and talent investments, helping us transform supply chains that power commerce. We are excited to have strategic partners and investors with deep knowledge in this space, and we believe that with their support, our technology can lead to a meaningful, sustainable impact on global supply chains.”
The COVID19 pandemic exposed some of the major flaws of the current supply chain models being used and the need to improve them to prevent future disruptions, creating a demand for innovative solutions. KlearNow is looking to fulfill this demand by providing a means for enterprises to do just that, which has allowed the startup to experience rapid growth over the past years, seeing its revenue and customer base increase by over 50x.
