FarEye acquires IoT platform Dipper Tech to ramp up its last mile delivery with more accuracy
FarEye has announced the acquisition of Dipper for an undisclosed sum.
Dipper, founded by Suryansh Jalan and Ayush Syal in September 2015 is an IoT platform that provides visibility and predictability in freight movement and is trusted by Fortune 500 companies and large manufacturers.
FarEye, which was founded by Kushal Nahata, Gautam Kumar and Gaurav Srivastava in 2015, is a global leader in last mile delivery platforms, servicing 100 plus customers across five continents.
This move reinforces FarEye’s growth plans to solve challenges for long-haul and multi-modal logistics.
Dipper’s predictive technology platform provides logistics stakeholders with end to end real-time visibility of their chain while enabling them with preventive management tools and easy decision making aided with smart KPIs and analysis.
Its propriety ML engine estimates real-time delay in freight movement. This helps shippers with better planning for arrival of goods, reliable transportation reducing inventory and benchmarking SLAs to reduce transportation costs.
The technology allows on-time deliveries, bottleneck mitigation, theft and pilferage reduction, digitised document digitisation with electronic proof of deliveries and dispatch orders, customer satisfaction and optimised operations.
According to Frost & Sullivan, in 2016, the size of the logistics sector in the GCC was estimated to be $ $107 billion of which the road transportation sector accounted for $26.9 billion, growing at a conservative rate of 5% year on year.
Kushal Nahata, Co-founder and CEO of FarEye, said: “Shippers are losing a lot of time, money and inventory due to unpredicted freight movement. Transport infrastructure investment is projected to increase at an average annual rate of about 5% worldwide over the period of 2014 to 2025.
“The Dipper team understood the problem really well and this understanding coupled with a very passionate team and a strong product supplemented FarEye’s existing strength in supply chain industry technology.
“We are now heading towards digitalising the Middle East’s transportation industry and improve it to ensure on-time deliveries with reduced cost of goods movement. We are now a strong team of 200, consulting more than 100 customers – targeting the trillion dollar logistics and supply chain industry, globally.”
Suryansh Jalan, Co-founder and CEO of Dipper, said: “We are excited to join hands with FarEye, a company that shares our values, vision and desire to digitally enable the logistics and supply chain industry. Our joint comprehensive solution will enable shippers to gain end to end visibility of freight and will give them access to preventive tools for optimising supply chain management.
“From order creation, allocation, transit Visibility and ePoDs, combined with powerful SLA and KPI dashboards, fuelling, resource utilisation, optimisation to toll cards – this suite will cater to needs of the all stakeholders (consignors, 3PL/Transporters, Fleet Owners and Consignees) alike.”
The biggest problem in road transportation is lack of data because it is a fragmented industry with multiple stakeholders. Dipper provides a unique solution by using a mix of IoT devices, SIM cards, smartphones and its wide network of IoT/ERP providers.
The location data (received from an IoT ecosystem) is fed into FarEye’s Machine Learning platform that then predicts estimated time of arrival in long-haul movements by learning the delays at tolls and terrains. It optimises resources of 3PLs and allows better utilisation while improving the SLAs for higher on-time deliveries, digitised payments and pilferage and loss control for best customer satisfaction.
FarEye now has now expanded into product offerings:
- FarEye eCommerce Logistics: End-to-end platform to run eCommerce logistics and optimise goods movement
- FarEye Transportation– Predictive Visibility Platform to run logistics operations to achieve on-time delivery and efficiency
With multiple stakeholders involved in the movement of freight, the supply chain has historically been like a black box for enterprises, with customers not knowing where and what condition their goods were in.
As the world moves towards a just-in-time manufacturing model that demands shorter and reliable supply chains, companies are rightly demanding to know the location and state of their goods at every stage of their journey.
FarEye Transportation will give businesses complete visibility of goods from the start of their journey until the final destination and help foster collaboration among the various stakeholders and logistics processes.
“This investment aligns with our strategy and our goal is to contribute to the Middle East’s success story, while growing our business across geographies. Over the last five years, FarEye has become the market leader of last mile technology by enabling digital logistics while keeping the customer needs at its core. With Dipper we will continue to advance the winning of the supply chain ecosystem in India, the Middle East, South East and Europe,” adds Nahata.