Locus, a global AI-backed supply chain optimization company, has secured $22 million in Series B funding by Falcon Edge Capital and Tiger Global Management. The new round of funding will help Locus penetrate deeper into the new markets by enhancing the product and solutions for each geography and also in expanding local teams. “Locus provides autonomous supply chain optimization, thus minimizing the dependency on human intelligence, built by an incredible team of Ph.D.s and engineers. Product applications include clubbing of forward and reverse logistics in a single route plan, schedule and on-demand dispatch planning, and automatic escalation management. Locus is on an unprecedented path to automate every possible decision in the supply chain. The funding will act as a boost to our global expansion efforts as we amplify our team size specifically in North America and continue to build our IP,” said Locus CEO Nishith Rastogi. Locus has established itself as an innovative leader in AI-backed logistics solutions by tackling the industry’s core supply chain challenges and operational complexities. Locus currently serves 40-plus clients globally, saving logistics cost at scale and increasing productivity and profitability for enterprises across multiple segments, owning a peak of over 1 million orders processed in a day. Locus has offices in India, the U.S. and Indonesia and dedicated local teams for these regions.
Insight Partners Leads $23M Funding Round by Checkout.com
Checkout.com, a payments solution company, announced it raised $230 million in a round of funding at a valuation of nearly $2 billion, according to Reuters. This round of funding was provided by GIC, Insight Partners, and DST Global. Insight Partners’ Indian American managing partner Deven Parekh is joining the Checkout.com board in conjunction with this round. “We have been fortunate to have some of the world’s leading investors approach us for some time but our focus has remained on building the very best suite of products we can for our merchants on four continents,” said Checkout.com founder Guillaume Pousaz. This round of funding will enable Checkout.com to increase the speed at which new products are rolled out for addressing the increasingly complex needs of merchants signed up for the platform. “We’ve been following Checkout.com for some time and we have been impressed by their dedication to building the right product for their merchant customers, as well as their commitment to creating a profitable business. The payments world is changing rapidly and online payments will be the source of most financial services in future,” added Parekh. “We are confident that Checkout.com will attract a great proportion of those transactions because its product and unified platform provide the full range of services that growing enterprises require. Insight Partners is excited to welcome the Checkout.com team to our portfolio, and look forward to driving continued growth together.”
Two New Members Fill Amherst Planning Board Vacancies
The deputy attorney of the City of Tonawanda and a retired engineer are the newest members of the Amherst Planning Board. The Town Board recently named Brittany Penberthy and Indian American Harbinder Singh Gill to the Planning Board, which reviews development plans, requests for zoning changes and related matters. Gill is a former executive with an international engineering firm. He replaces Mary Pfeifer-Shapiro, who often cast the lone "no" vote when the Planning Board approved major projects and criticized what she considered unfettered development allowed at the expense of residents and the environment. Gill's term runs through December 2022.
CyberTech Launches Second Esri Technologies Support Center in Pune
CyberTech Systems and Software Ltd., the next-generation spatial analytics and IT solution leader, announced the opening of its second technology support center for Esri's cutting-edge GIS products and technologies in Pune, India. The new location will focus on expanding CyberTech's world-class capabilities in offering support for ArcGIS product suite to users globally. The Pune center will become a part of CyberTech's long-standing collaboration with Esri and its world-wide distributor and partner based eco-system. This new center is strategically located near to Pune International Airport and to the city's technology and education hubs and will expand CyberTech's current Thane center collaboration with Esri. This center has state-of-the-art facilities and currently supports the vast and complex areas of ArcGIS product suite. Commenting about this new center, Vish Tadimety, chairman and CEO of CyberTech, said, "We are privileged to have Esri as an invested partner and look forward to not only continuing to provide high quality technical support services, but also deliver complex solutions based on large geographically enabled data sets. As a 20-year partner, we are committed to invest in bringing to the market Esri's latest GIS solutions, Cloud-based Enterprise Analytics along with Spatial SAAS Services. We extend Esri's commitment to customers. Opening our second technology support center is aimed at supporting the absorption of ArcGIS as the de-facto GIS technology. Coupled with our existing support center in Thane, this new center will lead us from success to excellence.”
India-Based Team Named Finalist of XPrize
Chimple, a Bangalore-based team that created a learning platform aimed at enabling children to learn reading, writing and mathematics on a tablet through more than 60 explorative games and 70 different stories, came up short in the XPrize competition, but was named among the finalists. The competition offered a $10 million grand prize to the team whose solution enabled the greatest proficiency gains in reading, writing and arithmetic in the field test. After reviewing the field test data, an independent panel of judges found indiscernible results between the top two performers, and determined two grand prize winners would split the prize purse, receiving $5M each.
By GIOVANNI ALBANESE Jr., India-West Staff Reporter