Roambee takes Internet of Things supply chain funding to $10mn
Roambee, the Internet of Things (IoT) supply chain and enterprise asset visibility company, today announced it has received $2 million in funding from MDI Ventures, Telkom Indonesia’s corporate venture capital firm.
With this, Roambee is nearing the completion of $10M in funding and rapid expansion across 7 countries in just 14 months.
MDI’s investment will be used to fuel Roambee’s entry into Indonesia and Southeast Asia’s booming logistics market. Roambee’s first customer in the region will include Telkom Indonesia, the largest telecommunication services company in Indonesia.
“Roambee’s end-to-end solution is best suited to meet the challenges of Indonesia’s varied supply chain ecosystem, which we will see realised when implemented as part of Telkom Indonesia’s enterprise services later this year.”
“The opportunity in Indonesia is huge,” says Roambee CEO Sanjay Sharma. “It’s one of the largest in the world, with almost 24 percent of the country’s GDP spent on logistics.
“With MDI’s investment, Roambee gains a significant advantage in quickly assuming a leadership position in driving the enterprise digital transformation of Indonesia across supply chain shipment and asset monitoring visibility.”
Global investment dynamics are changing with Asian VC funds, such as those from MDI, outpacing US VC investments for the first time. Related, recent research shows that Indonesia’s logistics market is expected to reach USD $240 billion by 2021.
After reviewing over 7,000 companies in the IoT smart logistics space, MDI Ventures chose to invest in Roambee due to its solution’s ability to track, trace and monitor in real-time through a broad array of sensors, while simultaneously doing important analytics and predictive reporting.
Nicko Widjaja, CEO of MDI Ventures, says, “Roambee’s end-to-end solution is best suited to meet the challenges of Indonesia’s varied supply chain ecosystem, which we will see realized when implemented as part of Telkom Indonesia’s enterprise services later this year.”
Based in Jakarta, with operations in Singapore and Silicon Valley, MDI Ventures uniquely combines a VC model with services in providing companies with a go-to-market strategy in Indonesia after making a financial investment.
MDI Ventures is currently Indonesia’s most active corporate venture capital with investments across 10 countries and more than 7 technology verticals. The trifecta of MDI Ventures, Telkom Indonesia, and Roambee is the most recent example of that strategically powerful approach.
“I am delighted to have MDI Ventures as our investors who believe in our vision,” Sharma adds. “We are very bullish on IoT-enabled supply chain applications and its global impact on industries and Indonesia. This investment will help us continue our hypergrowth trajectory.”