Overhaul, a real-time visibility and risk management platform, announced Tuesday it has raised $35 million in Series B funding led by Macquarie Capital, with participation from past investor Edison Partners and Avanta Ventures, the venture arm of CSAA Insurance Group. Since 2016, the company has raised a total of $55 million.
The company was recently recognized on Gartner’s Magic Quadrant for Real-Time Transportation Visibility Platforms as a leading niche player, a solution that is often the best choice for certain industries based on its unique capabilities in the visibility market.
In an interview with FreightWaves, Barry Conlon, the founder and CEO of Overhaul, explained these unique capabilities are purposeful and built around the use cases among the company’s customer base.
“There is this current wave of visibility technology,” he said. “But our customers and shippers have been telling us they don’t want just visibility, they want visibility to do something. One of our biggest customers, a foodservice distributor, is using visibility to reduce days in inventory, which is hundreds of millions in savings. These partnerships can’t be just regurgitation of consolidated data; there has to be a business case that you build around it. That is what we are trying to do here.”
Conlon said Overhaul’s unique capability is within its risk management intelligence, leveraging the advanced use cases to manage exceptions that often lead to more damage or loss claims.
“It’s not just about business intelligence within our dashboard. We are focused on event detection, but more importantly, an event correction service,” he said. “What that means is we have this fantastic ability to communicate that event in real time and give [the correct person] the insight they need to do a better job and make the customer happy. It’s that kind of collaborative environment we are looking to create.”
For Conlon, it is not about making this transparent environment just to improve shipper operations, but to enable Overhaul’s carrier partners to manage their risks through the company’s TruckShield platform as well.
“Our visibility platform has moved from the cargo compartments to the truck,” he explained. “If the driver is speeding or braking in a dangerous way, our analytics will notify us that there is a likelihood of a claim. We are able to immediately inform the risk manager, in a collaborative way, so the driver knows we have their best interest. We can give credit for where credit is due and as risk exists in real time, just like we do with cargo, it is addressed and corrected. … The fact that we are helping bring the insurance rates back down is really exciting for the market.”
Conlon said Overhaul is extremely capital-efficient and that the continued support from Macquarie, whose assets under management include the Long Beach Container Terminal, over 15 North American airports and 25 ports worldwide, is focused on creating a long-term partnership rather than a return on the firm’s investment.
With this new investment, Jared Doskow, managing director of Principal Investments at Macquarie Capital Principal Finance, will join Overhaul’s board of directors and continue to help bring the transportation industry into the digital age.
“Their assets under management are all supply chain-related,” he said. “They want to use our services across their whole platform. For them, Overhaul is a smart and strategic investment.”