Intermodal containers such as trucks and rails carry critical cargo throughout the supply chain globally. However, the operations are still limited with laggy information and outdated tools. This could put these assets and goods at risk of being misdirected or even lost. This is where Nexxiot is looking to make a difference.
The Switzerland-based company creates hardware and software solutions to increase transparency, safety & efficiency and eliminate revenue losses by optimising fleet utilisation and automating processes. In addition, the company claims its big-data analytics also empowers lessors, operators and their clients to make better data-driven decisions.
Nexxiot raises fresh capital
In a recent development, the provider of integrated digital supply chain solutions company announced that it has raised $25M (approx €20.5M) in a fresh round of funding led by US investment firm QVIDTVM.
Use of the capital
The proceeds from the current round will help the company to expand its services in different geographies and accelerate its global growth agenda.
Speaking on the utilisation of the funds, Nexxiot CEO Stefan Kalmund says, “This financing will fuel our growth, further improve our technology to create client success and push ahead with our North America expansion. With this partnership, we will maintain our lead and continue to offer our clients best-in-class technology, services and ideas.”
Founded in 2015 by Christoph Wartmann and Daniel MacGregor, Nexxiot claims to be an innovator in the IoT (Internet of Things) space and specialises in digitising non-powered cargo transport assets, increasing their trackability, control, safety and security.
According to the company, it aims to enable a five per cent reduction in global supply chain CO2 emissions by increasing cargo transport efficiency and eliminating waste caused by empty runs and inefficient routes. To achieve this, the company empowers its clients to leverage the power of their data with technology.
The company provides an integrated solution to track, find, and protect cargo from over 160 countries globally and across 450 network roaming partners to ensure trust, security, and efficiency. Data from more than 2.5 billion travelled miles is stored in Nexxiot’s dedicated logistics cloud.
Besides Switzerland, Nexxiot operates in Germany, the USA and is pursuing a global growth strategy.
Nexxiot claims to have taken an early lead in the digitalisation of the railcars and other non-powered industrial assets like intermodal and tank containers. The company’s devices meet Switzerland’s quality and reliability standards in some of the most demanding operating environments and are maintenance-free for a minimum of six years.
Nexxiot’s hardware and cloud platform are both accessible via a flexible subscription model. Critically, all Nexxiot devices are certified for dangerous industrial environments where explosions are a real risk and include the highest standards of HazLoc certification for the US market.
The company claims that it has been working with over 1.2 billion Big Data points per month processed on its logistics Cloud. This track record is important as the process is now underway to evaluate and equip the technology onto the North American rail fleets totalling around 1.8 million railcars.
In the last five years, the company claims to have become one of the largest rail freight and tank container IoT providers. Nexxiot has been working with many of the major US rail clients for several years to integrate the market’s technological and regulatory needs.