Turvo raises $25 million to simplify logistics management
Turvo, a Silicon Valley startup that's been quietly building logistics management software, has raised $25 million in Series A funding.
Making logistics efficient: Turvo's software lets large business connect all vendors and services they use to ship or move merchandise or supplies ― including brokers, shippers, carriers, and invoices and payments ― so they can manage it all at once. Sort of like a central command center. Turvo charges monthly fees and per-shipment fees to its customers, but they can in turn invite their vendors and business partners for free. Its existing customers include jerky manufacturer Oberto Brands, cosmetics company Le Metier De Beaute, and beer-maker Anchor Brewing.
Automation is coming: Turvo co-founder and CEO Eric Gilmore told Axios that narrow applications of AI techniques, like machine learning for image recognition, will yield some very interesting and useful products in the near future, but more complex technologies like self-driving cars will take much longer.
Deal details: Activant Capital led the round, with additional participation from existing investors Felicis Ventures, Upside Partnership, Slow Ventures, Tony Fadell ("father of the iPod" and Nest co-founder), as well as Box CEO Aaron Levie, Oscar co-founder Kevin Nazemi, and Ravi Venkatesan, chairman of Bank of Baroda and former chairman of Microsoft India.