Tive Secures $12M Series A Funding for Real-Time Shipment Tracking

Tive, a startup located in Boston, is developing a combined hardware and software solution designed to monitor the state of goods during transit – such as food or pharmaceuticals – to verify they are maintained under appropriate conditions throughout their journey from origin to their final destination. The company recently announced the completion of a $12 million Series A funding round.

RRE Ventures spearheaded the investment, with participation from new investor Two Sigma Ventures and contributions from existing backers including NextView Ventures, Hyperplane Ventures, One Way Ventures, Fathom Ventures, and several other undisclosed investors. According to data from Crunchbase, the company’s total funding now approaches $17 million.

“Tive empowers businesses globally to monitor their shipments with a high degree of precision,” explained Krenar Komoni, co-founder and CEO of the company. Utilizing a tracking device developed by Tive, clients can activate the device, attach it to a pallet or within a container, and it will immediately begin transmitting real-time shipment data, including temperature, impact, light levels, humidity, and location, to ensure secure and proper transport.

He noted that they are the first to market with single-use 5G trackers, eliminating the need for shipping companies to manage, maintain, recharge, or return the devices (though returns are incentivized with discounts on future purchases).

This approach is proving successful. Komoni reported a 570% increase in revenue during 2020, coinciding with a stronger product-market fit as digitization significantly impacts the supply chain. He stated that customers and investors are particularly drawn to the company’s comprehensive, end-to-end solution.

“A key factor in our appeal to both customers and investors is our full-stack offering, encompassing the hardware, software, platform, and APIs that integrate with leading transportation management systems,” Komoni clarified.

Currently employing 22 individuals, the company anticipates doubling its workforce in 2021. As the company expands, Komoni emphasized his commitment to diversity and inclusion, stemming from his personal experience as an immigrant founder.

“As an immigrant myself, having grown up in Kosovo and arrived in the U.S. at age 17 to attend high school in Vermont, I’m a U.S. citizen with a deep appreciation for different cultures and nationalities. It’s an integral part of my perspective,” he shared.

Founded in 2015 and based in Boston, the company has maintained continuous operations throughout the pandemic, requiring the implementation of safety protocols for on-site employees. He anticipates a greater return to in-office work as the pandemic subsides, and the company also maintains an engineering team in Kosovo.