(Photo by Flickr user Roy Luck, used under a Creative Commons license)
A Baltimore-based company working on IoT for the supply chain is making the national venture roundups today after closing on $3 million in seed funding.
AKUA has a pair of San Fransisco investors. Crosslink Capital led the round, and Enterprise Security Syndicate was a participant. Also contributing funds was London-based Talis Capital.
“We are excited about how a very experienced and industry savvy AKUA team is using leading edge technology to disrupt a huge market,” Crosslink Capital Partner Matt Bigge said in a statement. “Strong early customer traction coupled with a user-friendly solution enable a superior approach to logistics.”
AKUA was spun out of Inner Harbor-based CyberPoint International to work on Internet of Things last year. The company’s platform is focused on providing data about cargo containers, whether traveling by sea or on land.
Sensors track where containers are located, as well as the condition of the products inside and whether anyone has tampered with the containers. The company’s website lists about 15 clients, including several in the agricultural sector.
“We sell directly to the cargo owners where IoT sensors can improve their process efficiencies and greatly lower their losses and security risks,” AKUA CEO Neil Furukawa said in a statement.
The startup has been relatively quiet and supply chain management may not necessarily be the sexiest industry, but all signs point to an ideal story for Baltimore here. The company reflects Baltimore’s roots as a port city and cybersecurity hub coalescing in a vision with future-looking technology.