CARLSBAD, Calif., Aug. 13, 2018 /PRNewswire/ -- Airspace Technologies, a technology enabled provider of time definite logistics, has raised an $8M Series A funding round to develop its next generation delivery network and software platform. The Series A was led by Defy with participation from Qualcomm Ventures (the investment arm of Qualcomm Incorporated), Cross Culture Ventures, and Schematic Ventures.
Based in Carlsbad, CA, Airspace Technologies provides time definite delivery and supply chain services through its integrated platform and network of service providers. The company plans to hire more than 40 new employees, adding to the current staff of over 50 people. Since its inception in 2015, the company has focused on three key markets; healthcare, high-tech/semiconductor, and aerospace and has experienced exponential growth by joining forces with customers including LabCorp, FedEx, and Frontier Airlines.
"We built Airspace to shine a light into the antiquated supply chain and deliver the real time transparency that customers expect today," said Co-Founder and Chief Executive Officer Nick Bulcao. "The funds from this funding round will support Airspace in our mission of building the most trusted delivery network the world has ever seen on a modern, proprietary software platform. This enables Airspace to achieve median dispatch times near four minutes so we can make flights that aren't even available to other forwarders. Year-to-date we have grown our active customer base by 43 percent and are now servicing over 100 different customers. Additionally our shipments have grown over 235 percent this year and we are just getting started."
"Nick and his team have built multiple successful companies in the logistics space and are now focused on dominating the $40 billion time definite logistics industry," said Neil Sequeira, Co-founder and Managing Director at Defy. "We focus on backing experienced teams going after large markets being disrupted with deep technology. Airspace has developed a proprietary software platform to offer superior performance to Fortune 500 customers."
Airspace has built a nationwide network of 1099 driver-partners using a multitude of delivery vehicles to support its exponential growth. These thoroughly vetted driver-partners carry the appropriate certification and experience to pick up and deliver high value shipments like parts for aircraft on ground situations and human organs for transplant. Airspace driver-partners, which the company calls "Commanders", are able to opt into the Airspace platform through its Mobile Application CommanderConnect™.
"We are very excited about our investment in Airspace and plan to support the company as they redefine the market, using mobile technology to drive transparency and automation in the logistics space, through their best in class platform," said Quinn Li, Vice President, Qualcomm Technologies, Inc. and Global Head of Qualcomm Ventures.
The platform features proprietary routing algorithms that automate the process of planning shipments that need to deliver as fast as possible. Airspace is bringing transparency demanded by the consumer to the highly opaque airfreight forwarding space. This transparency and automation creates a platform for shippers to communicate with their customers in real-time for their most critical shipments. In addition to providing real-time data to make better and more informed decisions, several Fortune 500 companies are seeing a reduction in operational cost, as the Airspace technology is performing all of the most time-consuming tasks.
Through its work in the healthcare sector, the company has helped save 750 lives in the first half of 2018. "I'm absolutely floored by Airspace's innovative technology and thoroughly impressed by the responsiveness of their teams," said Luis Mayen Director, Procurement Services at Donor Network West. "Airspace is going to be a game-changer in the field of organ donations – and I see healthcare applications beyond just courier shipments."
About Airspace Technologies
Airspace Technologies was founded in 2015 and has grown to be the most trusted leader in time-definite logistics. Airspace Technologies makes shipping faster, safer, and more transparent than ever through people, service, and technology. Our vision is to create the most trusted delivery network the world has ever seen, operating 24/7/365. To learn more about Airspace Technologies, please visit www.airspacetechnologies.com.
Founded in 2016, Defy is a new venture firm exclusively focused on early Series A, an underserved part of the venture landscape. The firm launched in 2017 after closing its first fund of $151 million. Defy was co-founded by long-term venture capitalists Neil Sequeira and Trae Vassallo, with a goal to invest in entrepreneurs and companies looking to solve complex problems. Defy's focus is to help companies, after seed funding, mature and scale into companies ready for growth capital. The firm's founding team has more than 40 years experience in helping successful entrepreneurs grow companies like The Honest Company, Nest, Elemental, Dropcam and more. For additional information, please visit defy.vc. Follow Defy @defyvc on Twitter.
About Qualcomm Ventures
As the Venture Capital investment arm of Qualcomm Incorporated, a world leader in next-generation wireless technologies, Qualcomm Ventures has been making investments in innovative startup companies since 2000. Qualcomm Ventures seeks to make strategic investments in companies using cutting edge technology across the globe that have the potential to dramatically transform our world. For more information please visit: www.qualcommventures.com.
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SOURCE Airspace Technologies