Overhaul scores $55M to help Dyson and Microsoft tackle supply chain theft

Businesses that depend on physical supply chains – the network of facilities and transportation systems used to move materials from one location to another – are facing a number of challenges. Staff shortages and increasing customer expectations are just the tip of the iceberg. According to a survey from Prologis, a real estate investment trust, two-thirds of executives are losing sleep over supply chain-related issues.

Barry Conlon and David Broe experienced these stressors firsthand while founding FreightWatch, a startup that focused on providing “cargo visibility” and supply chain security solutions to corporate clients. After selling FreightWatch in 2012, Conlon and Broe saw an opportunity to tackle supply chain obstacles in a more innovative way by utilizing telemetry and data.

Fast forward four years after the sale of FreightWatch, Conlon and Broe channeled their knowledge into creating Overhaul, a platform designed to help companies keep track of their goods in the supply chain, combat theft, monitor product quality and compliance during transit, and identify potential cost savings.

Cargo theft is on the rise, driven by emboldened organized crime groups. CargoNet reported a 14% increase in cargo theft across the U.S. and Canada in Q3 of 2024, with stolen goods surpassing $39 million for the quarter. Conlon, Overhaul’s CEO, highlighted the struggle many face in gaining visibility into their supply chains, especially when dealing with multiple suppliers and partners.

Overhaul, which boasts approximately 350 customers including big names like Microsoft, Dyson, and Bristol Myers Squibb, offers software that can predict freight shipping delays. The software utilizes AI models trained on in-transit telemetry and contextual data to detect events that put cargo loads at risk, according to Conlon.

In a bid to differentiate themselves in a competitive market worth an estimated $12.6 billion by 2032, Overhaul has introduced new apps, an “intelligence as a service” offering, a cargo insurance program, and a cold chain quality solution for pharma and food and beverage clients. This strategic approach has attracted new investors, with a recent funding round bringing in $55 million, bringing their total raised capital to around $150 million.

Despite the challenges in raising funds for supply chain startups, Overhaul remains focused on product development, strategic acquisitions, and expanding its team in Austin, aiming to stay ahead of the curve in the ever-evolving supply chain industry.