SAN FRANCISCO, Aug. 17, 2022 (GLOBE NEWSWIRE) -- HyperTrack, the leader in logistics APIs for post-dispatch ground truth, today announced it has raised $25 million in Series A funding led by WestBridge Capital and existing investor Nexus Venture Partners to support company growth and expand global engineering teams as it further pursues technology leadership to enable the $11 trillion logistics market. The company concurrently announced the release of BuilderX, enabling the fastest time-to-market for developers building last mile logistics technology for on-demand use cases.
According to market research, more logistics technology is expected to be built in the next four years than has been built in the last four decades, with the shift to on-demand logistics and the gig workforce multiplying the technology required to automate last mile fulfillment. HyperTrack offers order planning, assignment, location tracking and mapping infrastructure as simple APIs so product development teams can build world-class last mile logistics solutions in days with custom business logic and workflows.
“Logistics represents 12% of global GDP, yet the technology that enables it is stuck in the past,” said Sumir Chadha, managing partner of WestBridge Capital. “We are seeing a strong movement in the market to upgrade logistics tech solutions through in-house builds and HyperTrack is the API of choice for these developers. The last mile logistics market deserves its own cloud."
Introducing BuilderX
As the gig economy expands with increased demand for same-day deliveries, traditional logistics technologies can no longer accurately track the ground truth of order lifecycles, resulting in unsatisfied customers, inaccurate driver payments and delayed product development roadmaps. HyperTrack brings to market end-to-end order fulfillment APIs, giving developers the tools they need to quickly and seamlessly build solutions for scheduled as well as on-demand order planning, assignment and tracking.
HyperTrack’s BuilderX, available today, offers new capabilities that include software development kits (SDKs) and application programming interfaces (APIs) to plan, assign and track orders for last mile logistics with custom business logic and workflows. Logistics tech builders no longer need to develop for months with a team of engineers to build out the consumer and driver apps for mobile, live location tracking, operations dashboard and cloud infrastructure. BuilderX enables self-improving routes, nearby search, geotags, geofences, flex routes and on-time routes that capture the ground truth of every step of the order lifecycle, from order planning and assignment to the precise point of fulfillment. BuilderX capabilities include:
- Plan and assign orders for efficient operations - build custom business logic and workflows for on-time delivery with higher capacity utilization and predictable per order cost. Eliminate bill shock for hyperscaler cloud and maps consumption due to opaque and piecemeal pricing of lower-level services.
- Track orders for on time fulfillment with lowest cost - live location tracking with driver and consumer apps, operations dashboard for continuous real-time visibility.
- Learn and improve end-to-end order fulfillment lifecycle - intelligence built on ground truth of your logistics operations including addresses, service and route times.
- Develop and deploy end-to-end order fulfillment lifecycle solution for last mile logistics in days without a team of mobile, maps and cloud experts
“Gig workers and the growing need for same-day delivery in the ‘here and now’ economy requires re-thinking of the logistics stack,” said Kashyap Deorah, founder and CEO of HyperTrack. “Our solution is transforming massive industries as disruptors continue to use our API Platform to build logistics apps for the future. This funding will help fuel our mission in changing the way all industries deliver products and services.”
The Series A funding round closes as the company has seen significant expansion of its customer base to Europe, Latin America, the Middle East and Southeast Asia. Customers include hyper-growth startup from San Francisco, Jobox.AI which connects nearby, eligible and available technicians with customers, delivering accurate tracking via the largest managed marketplace for the US home services market and Spiritzone, which uses HyperTrack to provide live tracking of liquor delivery orders in India. Additionally, German-based marketplace MagaLoop delivers streamlined order fulfillment for independent retailers across Europe.
Additionally, HyperTrack has expanded its leadership ranks with technology veterans with a proven track record of creating unicorns and decacorns that dominate markets. Pradeep Sharma who led engineering teams at BYJU’s, the Edutech decacorn and LendingKart, the fintech unicorn, joins as the VP of engineering. Silicon Valley tech veteran Gaurav Deshpande joins as the company’s VP of marketing. Gaurav led the supply chain decacorn, i2 Technologies through its IPO and hyper growth to $700+ million in annual revenue (now part of Blue Yonder), Trigo (now part of IBM Master Data Management) and most recently, TigerGraph, the leading graph database for the Fortune 500.
“The complexity and effort involved in stitching up mobile OS, cloud and maps to build last mile logistics use cases is massive,” said Abhishek Sharma, managing director of Nexus Venture Partners. “Nexus is a steadfast believer in the power of API-first companies built on product-led growth. It’s a privilege to be an early partner in HyperTrack’s journey with BuilderX, and we look forward to seeing the team further deepen value for logistics tech builders.”
Learn more about HyperTrack at Home Delivery World 2022 in Philadelphia on August 31-September 1, the industry conference and exhibition for last mile logistics dedicated to uncovering innovative solutions for retailers, grocers, CPGs and 3PLs. HyperTrack is a gold sponsor and CEO Kashyap Deorah will share insights into HyperTrack’s API platform during the panel, “The final frontier of grocery delivery - in home?” on August 31 at 3:00 pm ET.
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About HyperTrack
HyperTrack is the API platform for logistics tech builders developing solutions for last mile fulfillment integrating mobile, maps and cloud. Our order APIs for planning, assignment, tracking, and completion learn from ground truth data to improve operations KPIs. Customers across all inhabited continents use HyperTrack’s comprehensive suite of APIs, SDKs, and webhooks. Headquartered in San Francisco, California, HyperTrack is backed by top Silicon Valley investors and advisors with global reach. For more information, visit www.hypertrack.com.
Media Contact
Amy McDowell
Offleash PR for HyperTrack
hypertrack@offleashpr.com
