Wise Systems Raises $50 Million in Series C Financing to Accelerate Global Adoption of Autonomous Last-Mile Delivery Solutions
CAMBRIDGE, Mass., Oct. 6, 2021 /PRNewswire/ -- Wise Systems (www.wisesystems.com), the leading AI-driven routing and dispatching platform provider, today announced it has raised $50 million in Series C financing led by Tiger Global Management with participation from new and existing investors that include Section 32, Valo Ventures, Gradient Ventures, and Prologis Ventures.
Wise Systems' real-time, automated system powers delivery and service operations with drivers worldwide across the last-mile industry. The company will use the financing to further accelerate product development, market expansion across key geographies, and address the increasing global demand for the company's next-generation dispatching and routing solutions.
"The last-mile industry has undergone radical transformation over the last five years, driven by a combination of technology, customer appetite, and disruptive newcomers like Wise Systems," said Chazz Sims, CEO and cofounder of Wise Systems. "With this latest round of funding, we're excited to invest further in our business and continue to push the boundaries of innovation and customer experience, embedding machine learning and AI in service of automation, efficiency and carbon reduction."
A leader in AI technology for last-mile delivery operations, Wise Systems saw significant growth over the two past years, growing 300% year-over-year, experiencing increased demand for the company's autonomous dispatch and routing technology across a number of markets. Today's announcement comes on the heels of other significant developments for Wise Systems this year, including the availability of its platform in the SAP App Store and its launch in Japan. In July, Wise Systems announced a partnership with Mitsubishi Fuso Truck and Bus Corporation (MFTBC), under the umbrella of Daimler Trucks Asia (DTA), to offer the company's AI-driven routing and dispatch software to MFTBC customers in Japan. The partnership extends Wise Systems' reach to the commercial vehicle industry in Japan, one of the busiest last-mile markets in the world.
"The forces driving adoption of last-mile technology -- including the need to address the growth of e-commerce, increasing customer demands, and driver satisfaction -- are being compounded by the coming challenges of the electrification of fleets," said Mona ElNaggar, Partner at Valo Ventures, which led the Series B and is also investing in the Series C. "Wise Systems is well positioned to meet those needs, and we are thrilled to continue to support their vision and team."
Wise Systems' autonomous dispatch and routing automatically schedules routes, monitors routes in progress, and intelligently adjusts to day-of delays on the ground, using machine learning to continuously improve fleet efficiency, performance, and service. Founded in 2014, Wise Systems formed around the promise of using data to transform how we move goods and services. Customers using Wise Systems have seen significant, fleet-wide efficiencies, including up to 15 percent fewer miles, an 80 percent reduction in late deliveries, and fleet utilization increases of 20 percent. Wise Systems' real-time, automated system is powering delivery and service operations for a wide variety of multi-billion dollar global enterprises, including Anheuser-Busch and Lyft, and other market leaders across food, beverage, parcel, courier, field service and other industries.
About Tiger Global Management
Tiger Global Management is an investment firm focused on private and public companies in the internet, software, and financial technology sectors. Since 2001, Tiger Global has invested in hundreds of companies across more than 30 countries, including investments ranging from Series A to pre-IPO. The firm aims to partner with dynamic entrepreneurs operating market-leading companies in its core focus areas. Tiger Global's investments have included JD.com, UiPath, Stripe, Databricks, Bytedance, Snowflake, Facebook, Alibaba, Procore, Chime, Blend, Peloton, Roblox, Warby Parker, LinkedIn, Flipkart, and Toast.
About Wise Systems
Trusted by the world's largest brands, Wise Systems provides AI-driven dispatch and routing software that enables the perfect delivery experience. For last-mile operations that want to compete successfully in a dynamic world, the Wise Systems platform continuously improves fleet efficiency, performance, and customer service and reduces fleet mileage, carbon footprint and late deliveries. Wise Systems is headquartered in Cambridge, MA. For more information, visit www.wisesystems.com.
Media Contact
Connie Zheng
PR for Wise Systems
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SOURCE Wise Systems
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