Apkudo, the leader in supply chain automation for connected devices, today announced that it has raised $14 Million in Series B funding led by Harbert Growth Partners and MissionOG, with significant participation from existing investors Grotech Ventures and Lavrock Ventures. With this new capital, Apkudo plans to accelerate the global expansion of its Hive Device Platform across emerging channels and verticals.
Founded in 2011 by Josh Matthews and Ben Leslie, Apkudo’s Hive provides a universal system for managing connected devices across the entire supply chain by securely bridging internal systems and external partners into a single, secure platform. With powerful artificial intelligence enhanced test software and high volume robotics for diagnostics and cosmetic grading, the Hive platform brings the full power of the extended enterprise to provide automated answers to the question, “What do I do with this device, right now?”
Apkudo’s Hive connects internal systems across the enterprise with ease — unlocking powerful data from silos to enable real-time decisions. By enabling customers to connect their ecosystem partners to the Hive platform, Apkudo delivers improved supply chain efficiencies via a single operating system. The result is a flexible platform that reduces complex processes into collaborative business applications.
“Hive is powering the beginning of a major evolution in how connected devices are managed throughout the complete device lifecycle and end-to-end supply chain,” said Josh Matthews, CEO and co-founder of Apkudo. “We are excited about our new partnership with Harbert Growth Partners and MissionOG as well as the continued exceptional support from Grotech and Lavrock, all experts in accelerating and scaling high-growth businesses, to further invest in our goal to manage every connected device in the global supply chain.”
“While software has eaten the world, automation is the practice of using software to execute, manage and automate events and processes. Apkudo enables us to uncover new insights, unlock innovation and unleash a competitive advantage grounded in supply chain optimization,” said Tevon Taylor, Managing Director at FedEx Supply Chain. “We see the gap between forward and reverse logistics closing with opportunities to create solutions that directly benefit our customers. In a world where supply chain decisions need to be made quickly and correctly, we view Apkudo as a strategic partner that directly enables us to deliver excellence to our customers.”
Global sales of supply chain management software are forecasted to grow to $24.5 billion in 2025 from $14.3 billion in 2019. Customers of Apkudo include smartphone manufacturers such as Samsung and LG, leading mobile carriers including AT&T Mexico, T-Mobile and Verizon and global eCommerce marketplaces like Amazon.
“We are excited to partner with Apkudo at this time to accelerate growth of their industry-leading Hive platform across new customer segments and use cases,” said Brian Carney, General Partner of Harbert Growth Partners. “Apkudo has built a talented management team and this funding will enable them to continue identifying new opportunities to create value for stakeholders across the connected device ecosystem.”
“In a post-Covid economy, forward-thinking enterprises are rearchitecting current processes to provide better supply chain visibility and risk management. This concern is magnified in the connected device market where transparency and real-time visibility are necessary,” remarked George Krautzel, managing partner of MissionOG. “With the current and future proliferation of smart devices for both consumers and businesses, Apkudo is well-positioned to help enterprise companies handle this challenge and become the standard for their industry.”
About Apkudo
Apkudo is the global leader in supply chain automation with solutions spanning the entire lifecycle of connected devices. From certifying new devices for launch to optimizing liquidation of refurbished products, Apkudo’s Hive Platform provides a seamless operating system across both internal and external partner systems.
Companies like AT&T, The New T-Mobile, Verizon, Samsung, Amazon, and FedEx Supply Chain Services use Apkudo to connect internal systems and external partners into a unified platform powered by robotics, intelligent decisioning and optimized processes. Apkudo is a fully distributed company leveraging a global team of supply chain experts in every major market.
About Harbert Growth Partners
Harbert Growth Partners seeks to identify and invest in promising emerging growth-stage technology companies located in attractive technology ecosystems. Based in Richmond, VA, the HGP team combines substantial investment, advisory, and operating experience with capital and an extensive network to support promising entrepreneurial teams in successfully executing their growth plans. For more information, visit: harbert.net
About MissionOG
MissionOG partners with high-growth businesses that have proven models in segments where we have had success as operators and investors, including financial services and payments, data platforms, and software. We apply our experience and capabilities to a group of highly skilled and passionate entrepreneurs whose businesses are on the cusp of exponential growth. Headquartered in Philadelphia, the firm is managed by operators and investors who have effectively built early to growth-stage businesses and guided them through successful acquisitions. For more information visit missionog.com
About Grotech Ventures
Founded in 1984, Grotech is a leading venture capital firm focused on early-stage, high potential technology companies based outside of Silicon Valley. With more than $1.0 billion in committed capital, Grotech seeks innovative, early-stage investments across the software landscape and continues to invest and add value throughout the life cycle of each portfolio company. For more information, visit grotech.com
About Lavrock Ventures
Founded in 2016, Lavrock Ventures is a venture capital firm based in McLean, Virginia. The firm seeks to invest in companies operating in software, cybersecurity, big data, and national security sectors. The firm prefers to invest in companies based in Europe and North America. For more information, visit lavrockvc.com
