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Indianapolis-based venture studio High Alpha has made the first investment out of its $125 million High Alpha IV investment fund, which closed earlier this year.
High Alpha announced this week that it was the lead investor in an $8.1 million round of Series A funding for Brooklyn, New York-based logistics software firm Paccurate Inc.
Other investors in the round were Atlanta, Georgia-based Tech Square Ventures; Grand Rapids, Michigan-based Grand Ventures; Chicago-based Hyde Park Angels; Fort Lauderdale, Florida-based Las Olas Venture Capital; Denver-based Springtime Ventures; and Kansas City, Missouri-based Royal Street Ventures.
Founded in 2009, Paccurate is a parcel intelligence platform that helps businesses pack their shipments more efficiently, saving up to 15% on transportation costs and reducing their carbon footprints.
“The next big shift in supply chain efficiency is simply smarter packing,” Paccurate co-founder and CEO James Malley said in a prepared statement. “Packing and packaging decisions should be informed not just by empty space [within the shipping carton], but also by external cost factors like carrier rates, labor, materials and more. Paccurate is the first to provide companies a single platform to identify ideal packaging sizes, and generate packing instructions based on their unique cost factors—saving more money and reducing waste.”
The firm has 19 employees. The company’s customer base includes home-delivery food companies Daily Harvest and Little Spoon, model train maker Lionel LLC and retail chain Crate & Barrel, among other retailers, logistics companies and shippers.
“Packing optimization is a massive opportunity for shippers and retailers of every size to not only gain an edge in a competitive market, but to stay compliant to evolving regulatory requirements for packing efficiency,” High Alpha Partner Seth Corder said in a prepared statement.
High Alpha announced in June that it had closed on its $125 million Fund IV, which was the largest investment fund the firm has raised to date since its 2015 launch. High Alpha had expected to raise $110 million for Fund IV but raised its target after seeing higher-than-expected interest from investors.
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Indy’s interesting that Indy, which is all about logistics, has no real logistics tech industry. We subsist at the bottom of the value chain there.