Overhaul Secures $55M Investment to Empower Companies Like Dyson and Microsoft in Combating Supply Chain Theft

As businesses increasingly rely on the physical supply chain, they face numerous challenges such as staff shortages and rising customer expectations. The pressure is palpable, with a recent Prologis survey revealing that two-thirds of executives are losing sleep over supply chain-related issues.

Overhaul: Innovating Supply Chain Solutions

Barry Conlon and David Broe experienced these challenges firsthand while founding FreightWatch, a startup focused on providing cargo visibility and supply chain security solutions for corporate clients. After selling FreightWatch in 2012, they recognized an opportunity to tackle supply chain blockers using innovative technology.

Transforming Supply Chain Management

Four years after their exit from FreightWatch, Conlon and Broe launched Overhaul, a platform designed to help businesses track their goods while enhancing security against theft. Overhaul not only monitors product quality and compliance during transit but also seeks potential cost-saving opportunities.

• Cargo Theft Increase: Cargo theft has surged, driven by organized crime. According to CargoNet, theft incidents in the U.S. and Canada rose by 14% year-over-year in Q3 2024, with stolen goods valued at over $39 million.
• Visibility Challenges: Conlon highlights that many in the industry struggle with supply chain visibility, especially when managing multiple suppliers.

Advanced Technology and AI Integration

Overhaul currently serves around 350 customers, including major corporations like Microsoft, Dyson, and Bristol Myers Squibb. The platform utilizes advanced software powered by AI models, which analyze in-transit telemetry and contextual data to predict freight shipping delays and identify potential risks.

“Our platform can alert our global security operations,” Conlon explained. “We can provide shipment and cargo data via a ‘smartlink’ in real-time to local law enforcement, enabling them to act swiftly to prevent theft.”

Competitive Landscape in Supply Chain Software

The market for supply chain visibility software is projected to reach $12.6 billion by 2032, making it a competitive space. Overhaul faces competition from notable players such as Tive, Altana, Project44, and FourKites.

Additionally, the funding landscape for supply chain startups has become increasingly challenging. Data from PitchBook indicates that only $7.1 billion was invested in the sector through Q3 last year, a stark decline from $63.7 billion in 2021.

Recent Funding and Future Plans

To maintain its competitive edge, Overhaul has introduced new applications, an “intelligence as a service” offering, a cargo insurance program, and a cold chain quality solution tailored for pharmaceutical and food and beverage clients.

Recently, Overhaul secured $55 million in a funding round led by Springcoast Partners, with participation from Edison Partners and Americo. This brings the total raised to approximately $150 million, which will be allocated towards product development, strategic acquisitions, and expanding their team of 600 employees, according to Conlon.

For more insights on supply chain innovations, check out our related articles on supply chain management and technology in supply chains.