FarEye acquires IoT platform Dipper Tech to ramp up last mile accuracy
FarEye has acquired Dipper, an IoT platform that provides visibility and predictability in freight movement, for an undisclosed sum reinforcing its growth plans to solve challenges for long-haul and multi-modal logistics.
Dipper’s predictive technology platform provides logistics stakeholders end to end real-time visibility of their chain while enabling them with preventive management tools and easy decision making aided with smart KPIs and analysis.
Founded by Suryansh Jalan and Ayush Syal in September 2015 it has Fortune 500 companies and large manufacturers among its clients. FarEye, founded by Kushal Nahata, Gautam Kumar & Gaurav Srivastava in 2015, is a last mile delivery platform, servicing 100+ customers across 5 continents.
“Shippers are losing a lot of time, money and inventory due to unpredicted freight movement,” said Kushal Nahata, co-founder & CEO of FarEye. “The Dipper team understood the problem really well and this understanding coupled with a passionate team and a strong product supplemented FarEye’s existing strength in supply chain industry technology.”
“We are now headed towards digitalising the Middle East’s transportation industry and improve it to ensure on-time deliveries with reduced cost of goods movement,” he added.
Dipper’s propriety ML engine estimates real-time delay in freight movement. This helps shippers with better planning for arrival of goods, reliable transportation reducing inventory and benchmarking SLAs to reduce transportation cost.
The technology allows on-time deliveries, bottleneck mitigation, theft and pilferage reduction, digitised document digitisation with electronic proof of deliveries and dispatch orders, customer satisfaction and optimised operations.
“We are excited to join hands with FarEye, a company that shares our values, vision and desire to digitally enable the logistics & supply chain industry,” said Suryansh Jalan, co-founder & CEO of Dipper. “Our joint comprehensive solution will enable shippers to gain end to end visibility of the freight and will give them access to preventive tools for optimizing supply chain management.”
According to Frost & Sullivan, in 2016, the size of the logistics sector in the GCC was estimated to be US $107 billion of which the road transportation sector accounted for US $26.9 billion, growing at a conservative rate of 5 per cent year on year.