Turvo is revolutionizing logistics with a ground-breaking IoT software platform that creates the "Internet of Shipping", connecting people, businesses, applications, and devices in one AI-driven solution. Turvo empowers everyone across the supply chain ecosystem to seamlessly share, communicate, and collaborate in real-time to make smarter, faster, more informed decisions.
"This round of funding speaks to the power of our software platform and the exponential growth we are seeing in the business," said Eric Gilmore, CEO and co-founder of Turvo. "We are excited to partner with world-class investors like Mubadala to bring a truly revolutionary platform to a multitrillion-dollar global industry desperate for change."
Turvo's Series B funding was led by Mubadala Ventures, a $400 million venture fund that also oversees and manages Mubadala's $15 billion commitment to the SoftBank Vision Fund. Ibrahim Ajami, Head of Mubadala Ventures, will join the Turvo board.
"Turvo is a unique example of powerful technology being applied to a critical business challenge," said Mr. Ajami. "We're very excited to lead the investment and bring Mubadala's global ecosystem and assets to help Turvo transform a massive industry."
Existing investors Activant Capital, Felicis Ventures, Future Shape (Tony Fadell's investment and advisory firm), and Upside Partnership continued their support of Turvo's success by making additional investments in the Series B round.
One Collaborative Cloud for Logistics
Logistics touches every aspect of people's daily lives and by 2023 the global logistics market is estimated to reach $15 trillion. Yet companies that need to move things from A to B still use archaic technology, operate in siloes, and perform countless redundant and manual tasks.
Turvo simplifies complexity with one cloud platform that makes it easy to connect and securely share information with anyone, anywhere. The platform works across the entire supply chain and includes the following features:
- Cross-Company Collaboration: Turvo keeps everyone on the same page across the supply chain ecosystem by making it easy to share shipments and documents, send messages, and assign tasks to people both inside and outside the organization, reducing back-and-forth phone calls and emails.
- Real-Time Visibility: Turvo tracks shipments in real-time from dispatch to delivery using the Turvo mobile app and hardware sensors, giving companies unprecedented transparency into their supply chain.
- AI-Powered Productivity: Smart notifications, instant search, contextual actions and AI-driven recommendations empower smarter, faster decisions.
- Billing and Payments: With a single collaborative platform, digital invoices can be shared instantly and payments can be scheduled automatically, eliminating emails and faxes so everyone gets paid faster.
- Security and Privacy: Turvo is secure by design and built on an enterprise-grade cloud platform. Granular privacy controls ensure users always control who can see what.