Mississauga-based Chainvu, which targets the logistics industry with continuous, live monitoring of location, integrity, safety, and quality of product shipments, has raised $2.6 million CAD in seed funding.
The round was led by New York-based Leonite Capital. Chainvu’s platform includes a sensor that attaches to hard assets like supply chains, which collect data on shipments. This ensures that companies can actively track the status of shipments and receive early warnings in case of failure.
The company noted that loss through spoilage is a critical concern in areas like food and pharmaceutical supply chains.
“As global logistics rapidly evolves with automated vehicles, artificial intelligence and blockchain, Chainvu provides essential capabilities in harnessing the power of those technologies for immediate benefits and return on investment,” said Bob Burrows, Chainvu’s founder and CEO.“We have the technology and early services in hand, as well as customer engagement. With Leonite’s investment we are expanding our hiring, product development and sales efforts and accelerating our market penetration.”
The company plans to use the funding for talent acquisition and sales and marketing growth.
Feature photo via Unsplash.