Overhaul Secures $55 Million to Tackle Supply Chain Theft

Businesses reliant on the physical supply chain — the intricate system of facilities and transportation channels for moving materials — face numerous challenges, from labor shortages to heightened customer demands. According to a Prologis survey, two-thirds of executives report losing sleep over supply chain-related issues.

Barry Conlon and David Broe, while building FreightWatch, encountered such challenges firsthand. FreightWatch, which offered "cargo visibility" and supply chain security solutions, was sold in 2012. Following its sale, Conlon and Broe identified an opportunity to innovate the supply chain industry using data and telemetry.

In 2016, leveraging their experiences, they launched Overhaul, a platform designed to assist companies in tracking their goods along the supply chain and addressing theft issues. The platform also monitors product quality and compliance during transit, aiming to discover cost-saving opportunities.

Cargo theft has been increasingly problematic, driven by bold organized crime groups. As reported by CargoNet, cargo theft across the U.S. and Canada saw a 14% spike year-over-year in the third quarter of 2024, with the stolen goods surpassing $39 million in value for that quarter alone.

"Many in our industry struggle to gain visibility into their supply chains, especially when dealing with multiple suppliers and partners. Without visibility, it's difficult to identify and mitigate risks," said Barry Conlon, Overhaul's CEO.
Overhaul

Image Credits: Overhaul

Overhaul currently serves approximately 350 customers, including major corporations like Microsoft, Dyson, and Bristol Myers Squibb. The company's software, driven by AI models analyzing in-transit telemetry and contextual data, is capable of recognizing risks to cargo and predicting shipping delays, Conlon explained.

"Our platform can alert our global security operations," Conlon added, "who can push shipment and cargo data via a 'smartlink' in real time to responding local law enforcement to move into action and prevent and recover cargo in the event of a theft."

The market for supply chain visibility software, anticipated to reach $12.5 billion by 2032, is competitive. Rivals like Tive, Altana, Project44, and FourKites vie for dominance. Moreover, fundraising in the sector has dipped, with PitchBook noting a significant decrease in investment to just $7.1 billion by the third quarter of last year, opposed to the $63.7 billion amassed in 2021.

To maintain a competitive edge, Overhaul has introduced new applications, including an "intelligence as a service" offering, a cargo insurance program, and a cold chain quality solution tailored for clients in the pharmaceutical, food, and beverage industries.

This approach has attracted new investors. Recently, Overhaul announced a $55 million funding round led by Springcoast Partners, with Edison Partners and Americo also contributing. This latest investment raises Overhaul's total funding to about $150 million, which Conlon intends to use for product development, strategic acquisitions, and scaling their 600-member team based in Austin.

Read more