Companies reliant on the physical supply chain—the integral network connecting facilities and transport systems for moving materials—are confronted with numerous challenges, ranging from staff shortages to heightened customer expectations. These pressures continue to mount. As per a Prologis survey, a leading real estate investment trust, approximately two-thirds of executives are losing sleep over supply chain concerns.
Barry Conlon and David Broe encountered these same challenges during the establishment of FreightWatch, a startup focused on providing cargo visibility and supply chain security solutions to businesses. After selling FreightWatch in 2012, they recognised an opportunity to innovate and tackle supply chain obstacles through the application of telemetry and data.
Four years post the exit of FreightWatch, Conlon and Broe applied their experiences to create Overhaul. This platform allows businesses to track the movement of their goods throughout the supply chain while also addressing theft. Overhaul provides insights on product quality and compliance during transit and seeks to identify potential cost-saving opportunities.
Cargo theft is escalating, largely due to increasingly bold organised crime groups. According to CargoNet, specialising in cargo theft prevention and recovery, incidents of cargo theft in the U.S. and Canada surged by 14% year-over-year in Q3 2024. The estimated value of stolen goods surpassed $39 million for that quarter.
“Many within our industry find it challenging to maintain visibility across their supply chains, particularly when managing multiple suppliers and partners,” stated Conlon, CEO of Overhaul, in an interview with StartupSuperb. “A lack of visibility complicates the identification and management of risks.”
Currently, Overhaul serves around 350 clients, including prominent companies such as Microsoft, Dyson, and pharmaceutical leader Bristol Myers Squibb. The platform’s software is designed to anticipate delays in freight shipping. This is powered by AI models using in-transit telemetry and contextual data, enabling the detection of events that indicate potential risks to cargo loads, as explained by Conlon.
“Our platform is capable of alerting our global security operations,” Conlon mentioned, “which can then relay shipment and cargo data through a ‘smartlink’ in real-time to local law enforcement for a swift response in preventing and recovering stolen cargo.”
Overhaul faces considerable competition in the supply chain visibility software market, anticipated to reach a valuation of $12.6 billion by 2032 according to one estimate. Key competitors include Tive, Altana, Project44, and FourKites.
Securing funding is becoming increasingly challenging for supply chain start-ups. According to PitchBook, the total investment in the sector reached only $7.1 billion last year by Q3, a stark contrast to the $63.7 billion raised in 2021.
To remain competitive, Overhaul has introduced new applications, along with an “intelligence as a service” model, a cargo insurance initiative, and a cold chain quality solution aimed at pharmaceutical and food and beverage sectors.
This strategic approach has attracted new investors for the company. Today, Overhaul announced it has secured $55 million in funding led by Springcoast Partners, with additional participation from Edison Partners and Americo.
With this recent funding, Overhaul’s total capital raised now stands at approximately $150 million. Conlon indicated that these funds will be invested in product development, strategic acquisitions, and expanding the company’s workforce based in Austin, which currently numbers 600.