How Overhaul is Revolutionizing Supply Chain Security with AI
Discover how Overhaul is addressing rising supply chain challenges with AI-powered solutions, combating cargo theft, and driving innovation in logistics.
In the dynamic world of logistics, businesses reliant on physical supply chains are grappling with mounting challenges. From workforce shortages to increasing consumer demands, the stakes are high. A survey by Prologis revealed that two-thirds of executives are losing sleep due to supply chain-related issues, underscoring the urgent need for innovative solutions.
Barry Conlon and David Broe, pioneers in supply chain security, experienced these hurdles firsthand during their tenure at FreightWatch, a startup delivering cargo visibility solutions. After selling FreightWatch in 2012, they recognized a critical gap in the industry: the need for advanced tools leveraging telemetry and data to address supply chain disruptions. This insight led to the founding of Overhaul in 2016.
Tackling Cargo Theft with Technology
Cargo theft is becoming a significant concern, driven by increasingly sophisticated criminal networks. Data from CargoNet indicates a 14% year-over-year rise in theft incidents across the U.S. and Canada in Q3 2024, with losses exceeding $39 million. For businesses, these thefts translate to more than financial losses—they threaten supply chain integrity and customer trust.
Overhaul’s CEO, Barry Conlon, explained, “Many in our industry struggle to gain visibility into their supply chains, especially when dealing with multiple suppliers and partners. Without visibility, it’s difficult to identify and mitigate risks.”
Overhaul provides a comprehensive platform that tracks goods in real time, flags potential risks, and combats theft. Using AI models trained on telemetry and contextual data, the software predicts shipping delays and alerts Overhaul’s global security team. In theft scenarios, the team can quickly engage local law enforcement via smart links to recover stolen cargo efficiently.
Powering Solutions with Innovation
Overhaul’s AI-driven platform not only tracks shipments but also evaluates product quality, compliance, and cost-saving opportunities. With a client roster that includes Microsoft, Dyson, and Bristol Myers Squibb, the company serves approximately 350 global customers.
To stay competitive in the evolving market, Overhaul has diversified its offerings:
Intelligence as a Service: Providing actionable insights to clients.
Cargo Insurance: Addressing financial risks tied to theft or delays.
Cold Chain Solutions: Ensuring quality for pharmaceutical and perishable goods.
This forward-thinking strategy is essential as competition in supply chain visibility intensifies. Overhaul faces rivals like Tive, Altana, Project44, and FourKites, while the sector itself is projected to reach a market value of $12.6 billion by 2032.
Securing Funding to Expand Horizons
Despite a tightening funding landscape—only $7.1 billion was invested in the sector through Q3 2023, compared to $63.7 billion in 2021—Overhaul has managed to attract new investors. The company recently announced a $55 million funding round led by Springcoast Partners, with Edison Partners and Americo participating.
This latest infusion brings Overhaul’s total funding to $150 million, enabling the Austin-based firm to focus on product development, strategic acquisitions, and expanding its team of 600 employees.
A Vision for the Future
As supply chain complexities grow, Overhaul continues to stand out with its blend of innovation, adaptability, and customer focus. By addressing pressing challenges such as cargo theft and quality assurance, the company reinforces its position as a leader in the logistics tech industry.
With plans to enhance its platform further and expand its global reach, Overhaul is not just keeping pace with industry demands—it’s setting the standard for supply chain visibility and security.
Source: (TechCrunch)
(Disclaimer: This article is for informational purposes and does not constitute business or investment advice.)
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