Editor's Note: This story was first published in the Austin Business Journal. See their full story here.
Overhaul Group Inc. nabbed a $17.5 million funding round led by New Jersey-based investment firm Edison Partners, the cargo-shipping software company announced Tuesday. Existing investor Abbey International Finance Group in Dublin, Ireland, also participated.
Broadly, the company plans to use the capital infusion to expand its markets and products, according to the announcement.
Overhaul plans to hire more than 40 people in Austin and Ireland this year, co-founder and CEO Barry Conlon said in an email, "with much of the focus on software development, enterprise sales and demand marketing functions."
Conlon launched the startup in 2016. Overhaul promises supply-chain managers and shippers real-time information about cargo in transit. The company raised about $4.9 million in 2017. It’s raised $27.5 million in total.
Conlon is originally from Ireland and spent 11 years in the Irish Defense Forces before becoming a United States citizen in 2011. He is former president and CEO of FreightWatch, which United Technologies Corp. acquired in 2012.
Conlon "has the domain expertise and vision needed to solve complex supply chain problems," said Ryan Ziegler, Edison Partners general partner, in a statement.
Overhaul counts among its customers Fortune 100 businesses in the pharmaceutical, high-tech and food sectors. Competitors include Datatrac Corp., Transportation Impact LLC and Argix Logistics, according to Zoom Information Inc.
"Overhaul uses the data that visibility offers and turns that data into critical insights that can instantly trigger corrective actions," Conlon said about what differentiates his company from the field. "Autonomously measuring nonconformities and risk within the supply chain against our customers’ standard operating procedures, we act when it matters, and it is this that makes the difference to our customers and the integrity of their products."
