Shift5, a company specialising in onboard data, has announced a $33m rise in its finances, bolstering its Series B round to an impressive $83m.
The fundraising initiative, headed by Moore Strategic Ventures, drew in a variety of industry heavyweights from the defence and commercial aerospace sectors. Participating in the round were Booz Allen Hamilton’s corporate venture capital arm, Booz Allen Ventures, JetBlue Ventures, and Teamworthy Ventures. This latest round of investment propels Shift5’s total venture funding to a grand total of $108m.
Delving into what Shift5 does, the company taps into the vast potential of onboard data from thousands of operational technology (OT) components in fleet assets. The unique Shift5 platform unlocks this data, providing valuable insight into onboard assets and improving the efficacy and safety of commercial operations, whilst also enhancing fleet readiness and survivability in Department of Defense (DoD) operations. Over the past year, Shift5’s platform has processed over 37 billion messages, identified more than 20 billion unique events, and flagged 1.8 million violations, proving its value.
This influx of $33m will be directed towards the enhancement of Shift5’s innovative onboard data platform. The funding will support the infrastructure required for the rapid expansion of Shift5’s commercial and federal businesses. Moreover, it will boost the company’s efforts in tackling the challenge of onboard observability.
In the past year, Shift5 has seen a significant upswing in business momentum. It has more than doubled its annual recurring revenue (ARR), customer base across the DoD and commercial aerospace and rail sectors, and the rate of its platform deployments on commercial and DoD vehicles and weapon systems, marking a whopping 1,275% growth.
Shift5 CEO and Co-Founder Josh Lospinoso highlighted the transformative power of onboard OT data. He said, “Gaining observability at the onboard OT level can transform not just real-time operations, but the resilience and safety of the commercial and military fleets that underpin national defense and the U.S. economy.” Lospinoso believes the fresh capital endorses the success of Shift5 and will bolster safer, more reliable, and resilient commercial transportation and military fleets.
In addition to its latest financing, Shift5 has an impressive track record of previous investments. Prior to this round, the company had raised a total of $75m in funding.
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