An Indian logistics software company with more than $150 million in funding is making Chicago its North American headquarters as its top executives have relocated here from India.
FarEye, a last-mile logistics software company, said Monday that it's establishing its Chicago office on Wacker Drive as its North American headquarters.
The company says the office will support U.S. operations, with plans to have 50% of its global field operations out of the Chicago office by the end of this year.
FarEye's CEO and co-founder Kushal Nahata, along with co-founder and CTO Gaurav Srivastava, have both relocated to Chicago from India. The company says it plans to reach 1,000 employees in the coming year.
The company also announced Monday that it's opening an innovation center in Mexico.
FarEye has more than 150 customers in more than 30 countries, working with brands like UPS, Gordon Food Service and Domino's Pizza. With Domino's, for example, its technology helps the pizza chain inform customers about how long it will take for their food to arrive.
FarEye says its platform processes over 100 million transactions per month.
The company last year raised $100 million in funding from TCV, Dragoneer, Microsoft, Honeywell and others.
FarEye is doubling down on Chicago as the city continues to grow as a hub for logistics tech companies. Earlier this month Loadsmart, a freight technology company, raised $200 million in Series D funding at a $1.3 billion valuation. The company relocated its headquarters to Chicago from New York last year.
Chicago is also home to project44, which became a unicorn in 2021, FourKites, a fast-growing logistics company that raised $100 million last year, and Uber Freight, Uber's (Nadaq: UBER) logistics division.
