nextmv raises $8M Series A to increase accessibility to its automation optimization tech
Nextmv, a platform that optimizes and tests decision models for logistics companies, announced the close of an $8 million Series A round earlier today.
FirstMark, an existing investor, doubled down on nextmv and led the Series A. Other investors include GitHub CTO Jason Warner, Seamless founder Jason Finger, Stripe COO Claire Johnson, Ankit Agarwal from Greenhawk Capital, as well as other institutional investors such as 2048, Dynamo and Atypical.
Founded by Carolyn Mooney and Ryan O’Neil, nextmv simplifies the process of optimizing and testing logistics-focused decision models. Consider a company like Grubhub, where the duo worked previously. Grubhub has to weigh a wide variety of priorities each time an order comes through on the platform, from speed of delivery to mileage on the drivers’ cars to overall efficiency.
It takes an immense amount of resources, and personnel talent, to optimize the algorithm running those platforms based on the company’s key performance indicators, or KPIs. And if those KPIs change, or tweaks to the algorithm need to be made, it takes even more resources to test those modifications.
And you would need a simulated environment to test the changes, something that nextmv has provided since its launch.
On the heels of this latest round, nextmv is working to simplify its product. The company has launched nextmv Cloud to allow developers, not just operations researchers, to use its software. Nextmv Cloud has quick-start models in the routing and delivery space to allow developers to automate (Read more...)