Billions of dollars are spent on cargo theft, where goods are stolen. With stakeholders constantly looking to stem losses by beefing up security and adding checks and measures, media footage of thieves breaking into slow- moving trains and raiding cargo containers has many consumers and businesses worried about the safety and stability of supply chains. The majority of these costs are being paid by name- brand companies. Tech companies are tackling the challenge. Some of the top players are based on market share and innovation. The funding was publicly traded. Coca-Cola, GE, Avis, and Walmart are some of the companies that PowerFleet serves. Kenneth Ehrman founded the company in 1993 while he was an engineering student at the university. The company pioneered the use of radio-frequency-identification, orRFID, technology for industrial asset tracking. Pointer Telocation bought I.D. Systems and renamed it PowerFleet in 2019. The Internet of Things can be used to track cargo location, status, and condition, as well as assess an asset's safety by combining location information to create alert on where it stops. Virtual geographic perimeters are defined byGPS coordinates and can be used to monitor the real-time location of trucks and point out safe resting spots. Funding was raised to the tune of $82 million. The investors are: AXA Venture Partners, Sorenson Capital, Floating Point, RRE, Supply Chain, Fifth Wall, and Hyperplane Venture Capital. The Boston-based Tive counts major retailers and freight forwarders as part of its clientele. The tracker is attached to a freight container and relays location data. They notify management when the shipment is exposed to different light or temperature conditions. The company's founder and CEO, Komoni, developed a tracker in order to help his father-in-law grow his trucking business in Massachusetts. The company reported that it has grown 5,540% during the Pandemic years. Tive is part of the Open Visibility Network, where it works with Project 44 to connect clients and service providers. Tive has a team of live- monitoring experts. The team works with carriers to mitigate delays and recover freight if necessary. Funding was self funded. Similar to its competitors, the California-based TruckX provides sensors and trackers that stick to a truck's surface and monitor truck movement and its environment, notifying the fleet back office of any break-ins or if the truck steers off the assigned route. The founder and president of TruckX has 10 years of experience building cloud software. Chaudhari told Insider that he came up with a product that was affordable and tailored to fit the needs of small and mid-sized businesses. There is a large addressable market for trucking firms with less than 10 trucks. More than 10,000 trucking companies and roughly 70,000 drivers use TruckX. TruckX trackers have wireless access to other sensors on the vehicle, which allows them to relay data even if the truck is sabotaged. Fleet management can keep a count of instances the driver got off the truck while monitoring the integrity of the trailer's door by using TruckX's ability to track the truck's cab and trailer-door status.
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