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Roambee raises $15.2 million to track physical assets with AI

Image Credit: Roambee

An astonishing 55% of small businesses that deal in physical assets don’t manage them in any way, but Roambee is working to change that. The Santa Clara, California-based startup provides on-demand shipment and asset monitoring for companies in the logistics, transportation, finance, pharmaceutical, and automotive industries, with products that combine internet of things sensors and AI with robotic process automation to deliver insights and streamline operations.

After raising a combined $10.2 million across four funding rounds, Roambee today announced that it has snagged an additional $15.2 million in series B funding led by Anchor Group and Comcraft, with participation from Jebsen & Jessen, Telkomsel, and industrialist Anant Singhania. CEO Sanjay Sharma, who noted that the funding comes after a year in which Roambee experienced 100% year-over-year growth, said it will fuel the expansion of operations and acceleration of sales globally.

“Customers begin by using our service as an early warning system to eliminate disruptions and reduce risks in their supply chain,” he added, pointing out that nearly 60 million industrial assets are expected to be connected via narrowband IoT devices by 2026. “We then extend our value proposition by providing insights and foresights to streamline and optimize their operations. Anchor’s investment is a strong validation of our technology and our team.”