Tackling Supply Chain Challenges: How Overhaul is Revolutionizing the Industry
In today’s fast-paced world, businesses reliant on the physical supply chain face a slew of challenges. These range from staff shortages to surging customer demands. According to a Prologis survey, two-thirds of executives find themselves losing sleep over supply chain woes. Barry Conlon and David Broe, founders of FreightWatch, experienced these pressures firsthand while providing cargo visibility and security solutions.
After selling FreightWatch in 2012, Conlon and Broe saw a chance to take innovation further by leveraging telemetry and data. In 2016, they launched Overhaul, a platform dedicated to enhancing supply chain transparency and combating theft. Overhaul not only tracks goods’ locations but also reports on product quality and compliance in transit, potentially uncovering cost-saving opportunities.
“Many in our industry struggle to gain visibility into their supply chains, especially when dealing with multiple suppliers and partners,”
— Barry Conlon, Overhaul’s CEO
The rise in cargo theft is alarming, with CargoNet reporting a 14% increase across the U.S. and Canada in Q3 2024 alone. The total value of stolen goods soared past $39 million. Conlon emphasizes the need for visibility to manage risks effectively.
- Overhaul serves around 350 clients, including giants like Microsoft, Dyson, and Bristol Myers Squibb.
- Their software anticipates delays using AI models trained on telemetry and contextual data.
- Real-time alerts enable swift action by local law enforcement in case of theft threats.
Despite stiff competition from Tive, Altana, Project44, and FourKites, Overhaul remains determined to stay ahead. The market for supply chain visibility software could reach $12.5 billion by 2032. Yet, raising funds has become tougher; only $7.1 billion was invested in the sector last year through Q3, a stark contrast to 2021’s $63.7 billion.
Overhaul’s strategy includes launching new apps, an “intelligence as a service” offering, a cargo insurance program, and cold chain solutions for pharma and food clients. This proactive approach has attracted new investors. The company recently secured $55 million in funding led by Springcoast Partners with Edison Partners and Americo also participating. This brings their total funds raised to about $150 million.
The fresh investment will fuel product development, strategic acquisitions, and expand Overhaul’s team of 600 based in Austin.
