O’Melveny Advises AKUA on US$3 Million Series Seed Funding RoundMay 16, 2017
FOR IMMEDIATE RELEASE
SILICON VALLEY—May 16, 2017—O’Melveny represented AKUA, an IoT innovator leading the data-driven transformation of the global supply chain, in its US$3 million series seed financing. AKUA sets itself apart from the competition by directly serving the interests of cargo owners, empowering them with direct, real-time information on the condition, location, and progress of their time-sensitive, high-value products. The funding round was led by Crosslink Capital, with additional contributions from Talis Capital and Enterprise Security Syndicate.
The O’Melveny team was led by partners Warren Lazarow and Brian Covotta, with counsel Tim Hagen, associate Annie Woodworth, and senior paralegal Randy Silva.
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O’Melveny & Myers LLP
The following release was issued by AKUA:
AKUA raises $3 million Series Seed Financing for IoT Supply Chain Transformation
Venture investors see potential to disrupt supply chain management to the benefit of cargo owners
SAN FRANCISCO, May 15, 2017 /PRNewswire/ -- AKUA, an IoT innovator leading the data-driven transformation of the global supply chain, announced it has raised $3 million in Series Seed funding. The investment round was led by San Francisco-based Crosslink Capital, with additional contributions from London-based Talis Capital and the San Francisco based Enterprise Security Syndicate. AKUA's competitive momentum began with a highly successful evaluation under a US Department of Homeland Security Cooperative Research and Development Agreement (CRADA), and with early adoption of AKUA's platform by numerous global companies in the agriculture, perishables, and high-value recyclables sectors.
"We're very excited about the funding round," said AKUA Founder and CEO, Neil Furukawa. "These investments will help us advance the development of our secure IoT gateway platform, create greater value for our customers, and accelerate the growth of our company logistics and supply chain market. We sell directly to the cargo owners where IoT sensors can improve their process efficiencies and greatly lower their losses and security risks."
AKUA's gateway platform uses a Data as a Service (DaaS) model that easily integrates into existing business process systems and data analytics platforms. AKUA sets itself apart from the competition by directly serving the interests of cargo owners, empowering them with direct, real-time information on the condition, location, and progress of their time-sensitive, high-value products. Cargo owners have the flexibility of using either their own analytics and visibility platforms with AKUA data, or AKUA's cloud-based, user configurable dashboard and mobile application solution. AKUA's security features include end-to-end data encryption, and a patented, re-useable high security master gateway device that provides physical security of cargo containers.
The AKUA solution has already proven itself a money-saver in the time-sensitive agricultural sector. "AKUA successfully demonstrated how IoT devices can be utilized to improve the logistics efficiency and monitor the environmental conditions of our potato seed export shipments," said Parkinson Seed Farm Owner, Dirk Parkinson. "With our initiative to increase exports, we will now be able to analyze the data in real time and make real-time logistics decisions prior to shipments arriving at their destinations."
Crosslink Capital's Partner, Matt Bigge commented, "We are excited about how a very experienced and industry savvy AKUA team is using leading edge technology to disrupt a huge market. Strong early customer traction coupled with a user-friendly solution enable a superior approach to logistics."
The market for cargo tracking is extensive; the global container fleet capacity is estimated at over 34.5 million TEU with more than 400,000,000 containers passing through global ports annually. That means five to six million shipping containers are crossing the sea at any time. This provides a significant opportunity for advanced IoT security solutions for cargo owners. The AKUA solution is also multi-modal, not confined to maritime shipping, but one that follows the cargo as it moves to road or rail.
Vasile Foca, Co-Founder and Managing Partner of London-based VC firm Talis Capital, commented: "Within the vast IoT market, we identified a strong use-case for cargo tracking of high-value items, perishable goods and sensitive security goods by leveraging IoT. AKUA has highly advanced technology to provide much needed transparency and security for cargo owners, and we look forward to working with the team to realise the Company's strong potential."
AKUA is a subscription data service delivering actionable, real-time, and secure business intelligence directly to cargo owners. Their flexible IoT platform provides persistent environmental monitoring and tracking solutions for intermodal cargo containers with no new equipment to buy or manage. AKUA IoT gateway devices, sensors, and device logistics are included in the subscription, and any existing IoT sensors can also be integrated into the system. AKUA combines the industry's most advanced tracking devices, tamper-resistant and tamper-evident multi-layer security, and in-transit analytics into a seamless cloud-based solution. Learn more at www.akua.us.
About Crosslink Capital
Crosslink Capital is a leading early-stage venture capital firm based in San Francisco and founded in 1989. Areas of interest include SaaS, Marketplaces/Commerce, Big Data, Cloud Infrastructure, IoT and Consumer Mobile. Crosslink Capital has invested in over 100 portfolio companies, at the early, mid and late stages. Learn more at www.crosslinkcapital.com.
About Talis Capital
Talis Capital is a London based venture capital firm, focussed on B2B technology companies within three key areas: Security, Business Intelligence (mainly sold as SaaS) and Financial Services. Talis Capital has completed over $380m of transactions since 2009. Learn more at www.taliscapital.com
About Enterprise Security Syndicate
This San Francisco-based syndicate invests in enterprise security deals. These are typically SaaS companies with predictable, recurring revenue, and high annual contract values (ACVs). The partners of this syndicate have invested in enterprise security startups for years. They are experts in software infrastructure and security, which helps attract the best dealflow, since they are value-added. Learn more at https://angel.co/enterprise-security-syndicate/syndicate