What Is Tive?
Tive is a Boston-based startup that has created and developed tools for companies to help monitor and track their products as they are shipped worldwide. The company is able to achieve this through a collection of trackers and beacons along with its unique cloud-based software platform.
Tive has created three main trackers along with one beacon at varying levels of quality and pricing. The startup’s flagship tracker is capable of sensing temperature, humidity, shock, motion, and light, while also providing this information along with real-time location updates to the user or company following their product shipment. This top of the line hardware is paired with the startup’s software, which allows for shipments to be tracked on any device at any time, with up-to-date status reports on the conditions the shipment is traveling in. The company’s software also comes with a variety of beneficial features, including a platform to create and plan shipments, seamless integration with existing systems, and customizable alerts that will go off after reaching designated checkpoints or if a threshold for shock or climate is passed.
These trackers, in combination with the software, have made Tive a rather popular startup in 2020, where knowing the status and whereabouts of packages may be at its most financially valuable. In fact, in 2020 alone, the startup saw its revenue grow by a towering 570%. This sort of movement by the company has caused many investors to turn their attention toward Tive, especially as their most recent funding round began to come to a close.
Tive’s Recent Funding and Plans for the Future
In the startup’s Series A funding round, Tive raised $12 million. The funding round was led by RRE Ventures along with participation from Two Sigma Ventures, NextView Ventures, Hyperplane Ventures, One Way Ventures, Fathom Ventures, and other investors who were not named. This brings the company’s total funding up to $17 million when including all funding rounds thus far.
With this new infusion of capital, the company has major plans that will help continue to expand its business. The largest aspect of this plan is to double the current working staff of 22 to 44 by 2021. This should allow the company to more easily accommodate the higher demand and help improve software, and hopefully create a more efficient business system.
Tive is a fascinating startup that owns both sides of a valuable market. With high-quality trackers and beacons being connected to fundamentally sound software, the startup is primed to continue to reap the benefits of the massively growing ecommerce industry. Especially with the newest funding round, there are clear plans in place to help the company continue to succeed well into the future.
About the Author
Tom Price is a writer focusing on Entertainment and Sports Features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.