Founded in 2019 and headquartered in Philadelphia, Pennsylvania, Nextmv is a decision automation platform that grants program developers the tools to create and test different logistical models to be implemented in their business strategy. The startup company is used by top engineering teams like Via, goPuff, Rappi, Tajir, and Lezzoo.
The logistics startup company is privately held; therefore, there is no information available regarding net worth for the business. However, a report published by Global Industry Analysts stated the global market for logistics automation was $50.9 billion in 2020. The market is projected to reach $101.8 billion by 2027 — CAGR of 10.4%.
Additionally, the logistics startup has a number of investors, including, FirstMark, Dynamo, 2048 Ventures, and YCombinator. In the most recent round of funding, the company was able to raise $8 million with FirstMark as the top investor.
What the New Funding Means
Since the COVID-19 pandemic has been in effect, optimizing business operations has become much more critical for companies. The successes or failures of companies can sometimes be attributed to how things work logistically, which is why this startup company’s technology can be so crucial.
With this new capital, the logistics company plans to expand on the startup’s cloud so that developers will be able to use the software, not just operations researchers. Founder and CEO of the business, Carolyn Mooney, said in an interview with TechCrunch, “There are hundreds of thousands of operations researchers, like my co-founder, out there that are trying to solve these problems in a research capacity or in very specialized groups within companies. But there are millions of developers out there. Why can’t this be a superpower that every developer has in their pocket.”
The cloud technology will make it so that there are quick-start models for developers to begin with and automate decision-making. Much of the funding will be used to progress the cloud and increase accessibility. Furthermore, the startup company would also like to create a content arm for developers to collaborate and learn from each other.
With COVID-19 affecting many business aspects, companies have been forced to adjust to changes and have had to implement new strategies to stay afloat. With the startup company’s technology aiding with logistics, businesses are able to enhance operations by automating the decision-making process.
About the Author
McKenzie Carpenter is a graduate of Central Michigan University with a B.A.A. in Integrative Public Relations and French. McKenzie has previously worked for small businesses and nonprofit organizations.