Total amount raised
$13.8 Millions
Latest funding date
03/01/2021
Location
Baton has raised $10.5 million in a Series A funding round, with backing from 14 investors including Jett McCandless and Prologis Ventures. The company, now a technology innovation lab for Ryder, focuses on eliminating waste in supply chains through AI-driven freight planning.
Keep reading to explore the intricacies of Baton's fundraising journey and the investors backing this innovative platform.
What Is Baton?
Baton, founded on October 1, 2019, is a technology innovation lab for Ryder, headquartered in San Francisco, California. The company operates in the artificial intelligence, logistics, and supply chain management industries.
Founded by Andrew Berberick, Jake Medwell, and Nate Robert, Baton employs between 11 and 50 people. The company focuses on creating a digital platform to optimize freight planning and reduce waste in supply chains.
How Much Funding Has Baton Raised?
- Seed Round
- Amount Raised: $3.3M
- Date: November 2019
- Lead Investors: Prologis, 8VC
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial business model and software platform for coordinating vehicles, drop zones, warehouses, and local drivers.
- Series A Round
- Amount Raised: $10.5M
- Date: March 2021
- Lead Investors: 8VC, Maersk Growth
- Valuation at Round: $50M
- Motivation Behind the Round: To expand the network of drop zones to additional cities and to pilot "autonomous relays" with self-driving trucks.
Total Amount Raised: $13.8M. Current Valuation: $50M.
Key Investors
- 8VC
- Details: 8VC is a venture capital firm based in San Francisco, known for investing in early-stage companies. They focus on technology-driven businesses that aim to create significant societal impact.
- Investment Focus Areas: Technology, Healthcare, Logistics
- Notable Investments: Palantir, Wish, Asana
- Maersk Growth
- Details: Maersk Growth is the corporate venture arm of A.P. Moller-Maersk, focusing on supply chain and logistics innovation. They aim to digitize and decarbonize the logistics industry.
- Investment Focus Areas: Logistics, Supply Chain, Technology
- Notable Investments: Loadsmart, Forto, Huboo
- Prologis
- Details: Prologis is a global leader in logistics real estate, providing efficient distribution centers for companies worldwide. They focus on high-barrier, high-growth markets.
- Investment Focus Areas: Real Estate, Logistics, Supply Chain
- Notable Investments: Not publicly disclosed
- Ryder
- Details: Ryder is a transportation and logistics company that provides supply chain, dedicated transportation, and fleet management solutions. They are known for their innovative logistics solutions.
- Investment Focus Areas: Transportation, Logistics, Supply Chain
- Notable Investments: Not publicly disclosed
- Lineage Logistics
- Details: Lineage Logistics is a warehousing and logistics company specializing in temperature-controlled logistics. They aim to optimize the global food supply chain.
- Investment Focus Areas: Warehousing, Logistics, Supply Chain
- Notable Investments: Not publicly disclosed
What's Next for Baton?
As Baton looks to the future, the company is poised to capitalize on significant opportunities in the logistics industry. By expanding its network of drop zones to major cities like Atlanta, Chicago, and Dallas, Baton aims to reduce inefficiencies and improve coordination between long-haul truckers and local fleets. This expansion could significantly cut down on the two billion hours lost annually due to dwell and detention times, offering a substantial market opportunity.
With a strong foundation of $13.8 million in funding and backing from strategic investors, Baton is well-positioned for future fundraising rounds. These funds will likely be directed towards scaling operations and enhancing their software platform. However, the company will need to navigate challenges such as seamless coordination between various logistics players and adapting to the evolving landscape of autonomous and electric trucks.
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