ALEXANDRIA, Va.--(BUSINESS WIRE)--Savi®, an innovator in big data/machine learning analytic solutions, supply chain management software and sensor technology, today announced it has raised $7.5 million in financing led by Eastward Capital Partners and joined by current internal investors. Kimberly Cafferty of Cafferty & Company was an advisor to Savi for this investment agreement. This capital infusion will accelerate development of Savi’s innovative in-transit visibility and analytics suite and expand commercial and government market growth.
“Our in-transit visibility solutions help government agencies and Fortune 500 organizations across industries and sectors transform their supply chains to be more agile, reduce costs and avoid expensive losses and disruptions,” said Rich Carlson, Chief Executive Officer, Savi Technology. “This investment acknowledges the sizable market opportunities before us to take global supply chains digital with our machine-learning solutions and advanced IoT sensor technologies.”
Savi has experienced strong growth in 2018 in both the commercial and public sectors. Last month, the company announced several multi-million dollar government orders. The company will continue to develop new products to support and grow its government business. Savi is currently the sole provider for the active RFID-IV contract to the U.S. Department of Defense. The company provides the DoD, other agencies and allied partners with state-of-the-art hardware, software, and integration services—including active RFID sensors, readers, and real-time location systems (RTLS) for asset tracking and in-transit visibility for locating and monitoring assets worldwide. Savi has added top manufacturing customers and third-party logistics providers on the commercial side, finding resonance for its product suite with organizations shipping high-value goods globally.
About Savi Technology
Savi delivers live streaming facts and insights about the location, condition, and security of in-transit goods. Using big data and analytics, Savi equips shippers, carriers, 3PLs, and governments with actionable insights to optimize supply chains before, during and after transit, reducing costs and inventory while improving service. Savi is trusted to support some of the world’s largest and most complex supply chain networks for large CPG companies, Pharma, the US DoD and over a dozen government agencies around the globe. To learn more, visit www.savi.com.
About Eastward Capital Partners, LLC
Founded in 1994, Eastward Capital Partners is a provider of private debt financing to technology enabled companies. Since its inception, Eastward has provided financing solutions to more than 160 companies across industries including Software, Communications, Healthcare Technology, Business Services and New Media. Eastward Capital Partners is based in West Newton, Massachusetts.