The global supply chain is currently facing challenges, primarily due to insufficient visibility regarding the transportation of shipments across the globe. According to a recent survey, almost half of the organisations surveyed indicated they have minimal to no insight into their upstream supply chains.
In response to this issue, Krenar Komoni, who spent several years assisting his father-in-law in monitoring his truck fleet, established Tive, an innovative startup focused on creating technology that enables real-time tracking of freight shipments.
Tive provides disposable tracking devices that connect to its cloud platform, allowing companies in sectors such as life sciences and food and beverage to monitor their freight’s status. Not only does Tive track location, but its sensors also measure temperature, humidity, light, and physical impacts.
Through Tive’s cloud platform, customers receive immediate alerts, analytics, and tools for data sharing.
Krenar Komoni mentioned that Tive trackers have generated millions of real-time shipment alerts. He added that the trackers utilise a three-tiered methodology for location accuracy, integrating cellular triangulation, Wi-Fi positioning, and GPS.
Initially, Tive did not specialise in freight tracking. The startup’s early focus was on assisting carriers and truck drivers in tracking their vehicles. However, with his expertise in radio frequency and chip design engineering, Komoni recognised a more significant opportunity in directly monitoring shipments.
Tive reportedly serves over 900 customers in industries such as pharmaceuticals, high-value products, and military/government sectors. The company generates revenue through various channels, including annual software subscriptions for its cloud platform, sales of tracking devices, and shipment monitoring services.
Komoni anticipates that Tive will achieve profitability by 2026.
He emphasised that Tive’s strategy to deliver supply chain solutions for diverse goods—including durable, nondurable, perishable, and industrial items—positions the company favourably to endure broader technology slowdowns and economic downturns. He noted that despite the ongoing freight recession since the conclusion of COVID-19, Tive has maintained consistent growth of over 50% year-on-year and predicts further acceleration in growth for 2025.
To enhance its workforce of approximately 243 employees based in Boston, Tive has recently secured $40 million in a Series C funding round, jointly led by World Innovation Lab and Sageview Capital. This round also saw participation from AVP, RRE Ventures, Two Sigma Ventures, Qualcomm Ventures, Fifth Wall, Supply Chain Ventures, and Sorenson Capital.
The latest funding boosts Tive’s total capital raised to $120 million. Alongside hiring initiatives, Komoni specified that the new funds would be allocated to the development of new products, enhancements to Tive’s sustainability initiatives—including a tracker recycling program—and the expansion of the platform into additional countries.