Airspace Technologies, a company that offers a digital operating platform for air cargo and time-critical delivery services, has received $20 million in Series B funding to support global expansion and accelerate development of a next-generation delivery network and enterprise software platform.
The new funding round was led by Scale Venture Partners and includes participation from existing investors that include Qualcomm Ventures, Defy.vc, Cross Culture Ventures and Schematic Ventures, according to a statement issued by Carlsbad, Calif.-based Airspace on Nov. 15.
“Airspace is enabling a long-overdue technology overhaul in the time-sensitive logistics market,” said Stacey Bishop, a partner at Scale Venture Partners in Foster City, Calif. Bishop also will join Airspace’s board of directors.
CEO Nick Bulcao said the company plans to hire 120 workers in 2019 with a focus on sales professionals, engineers and experienced operations personnel.
Bulcao, a former Amazon logistics executive, started Airspace with Ryan Rusnak, who is chief technology officer, in 2016.
“Time-critical logistics is ripe with errors and antiquated practices that cause hundreds of millions of dollars in damages every year,” Bulcao said. “After working in logistics for more than 12 years, I realized there was a huge market need for real-time visibility into priority shipments.”
Airspace provides automated quotes, routing and real-time notifications for critical shipments, such as human organs for transplant or critical replacement parts for aircraft. The company’s technology also allows shippers to connect directly with independent delivery personnel.
Airspace has more than 100 customers, including LabCorp, FedEx Corp. and Frontier Airlines. Company officials said revenue in 2018 so far is up 240% over the prior year.