Turvo Raises $60 Million in Series B Funding
In our fifth episode of RoadSigns, we ask: How far can we go in terms of automating freight transactions? Hear a snippet above from Ziad Ismail, chief product officer at digital freight matching firm Convoy, and get the full program by going to RoadSigns.TTNews.com.
Turvo, a collaborative logistics platform, announced Nov. 8 it had raised $60 million in Series B funding. The round was led by Mubadala Ventures and accompanied by G2VP and Next 47.
San Francisco-based Turvo has sought to develop an Internet of Things software platform that creates the “Internet of Shipping,” connecting people, businesses, applications and devices in one artificial intelligence-driven solution. The funds bring the company’s raised total to nearly $100 million, according to a press release.
Turvo’s cloud platform looks to simplify sharing, communication and collaboration across the supply chain ecosystem. It tracks shipments in real time, speeds up billing and payment options, and gives AI-driven recommendations to users.
Mubadala Ventures is the $400 million venture capital arm of Mubadala Investment Co., which touts a $225 billion portfolio across five continents. The investment company has interests in aerospace, information and communications technology, semiconductors, metals and mining, renewable energy, oil and gas, petrochemicals, utilities, health care, real estate, defense services, pharmaceuticals and medical technology, and agribusiness.
