Airspace, the technology platform revolutionizing time-critical logistics, announced today that it closed a $38 million Series C funding round. The latest funding is led by Telstra Ventures, and joined by co-lead HarbourVest Partners. Other participants include return backers Scale Ventures, who led Airspace’s Series B; Defy Partners, who led Airspace’s Series A; along with Qualcomm Ventures and Prologis Ventures. To date, the company has secured a total of over $70 million through its three funding rounds.
Time-critical logistics is an industry that has seen rapid growth in recent years; providers in the industry focus on delivering the most complex and sensitive packages across the globe at a moment’s notice. Spend in this category has ballooned to $20 billion annually as of 2020 and that growth has only accelerated in the wake of the COVID-19 pandemic. This global crisis has disrupted supply chains and has highlighted the need for reliable delivery of critical packages. However, the complexity of such deliveries has driven high costs and frequent delays when handled by traditional and antiquated shippers, with as many as 33 percent of time-critical packages lost or delayed en route.
Airspace has revolutionized the industry, ensuring that these critical packages are delivered faster and with more precision and are more resilient to disruptions along the way, all thanks to a deep layer of predictive machine learning technology. Airspace provides real-time data and transparency on every shipment, allowing companies to better track the shipments that matter the most.
Market Demands and Growth
Airspace has seen tremendous growth over the past two years, and, as part of this latest round of funding, the company is expanding internationally. Airspace recently announced the opening of its new office in Amsterdam, enabling further organic expansion in the European market. Airspace is now well positioned to expand even further ahead of its competition by growing its global network of drivers and expanding its suite of service offerings.
“Our latest Series C funding enables us to continue our rapid growth and succeed not only here in the U.S., but also abroad,” said Nick Bulcao, co-founder and CEO at Airspace. “We’re expanding our services and the markets we reach by providing customers with advanced technology, complete transparency and the fastest delivery options in the industry.”
Over 200 customers, including LabCorp, Alaska Airlines, Quest Diagnostics and American Red Cross, already rely on Airspace to deliver their time-critical shipments throughout North America and Europe. They depend on Airspace to quickly and securely deliver sensitive packages ranging from high-value components for critical machinery and airplanes to life-saving treatments and organ transplants.
“Airspace’s growth continues to inspire me,” added Bulcao. “We have already accomplished so many amazing feats, including our part in saving over 100,000 lives since we began organ deliveries. The ongoing support from our investors means that this number will only increase as we continue to develop solutions for our customers worldwide.”
New Board Member
As part of the company’s Series C announcement, Mark Sherman, managing partner of Telstra Ventures, has also been appointed to the Board of Directors and will share equally with the other four board members the responsibility for future investment decisions.
“I am excited to join the Board because there has never been a more important time in solving how to move precious time sensitive cargo effectively,” said Sherman. “Airspace proves the beauty of people and AI working together to deliver the best time-critical logistics experience. Combining human experience and AI allows Airspace to stand out amongst its competitors and be the trusted partner for time-critical logistics.”