Software-as-a-service company Quincus announced today the second close of an undisclosed Series B funding round. The lead investor is AEI HorizonX, a corporate venture firm backed by aerospace firm Boeing and private equity firm AE Industrial Partners.
The fresh capital comes almost two months after Quincus bagged an undisclosed amount in the first closing of its Series B from investors including US-based electrification and mobility fund UP.Partners, and global VC firm GGV Capital. The round valued the company at over USD 100 million.
Headquartered in Singapore, Quincus provides supply chain management software solutions to businesses. The company says it can improve shipment speed by automating manual tasks and optimizing operations. The firm claims to transact over 70 million shipments per month, serving customers such as airlines operators, freight companies, and e-commerce platforms across Southeast Asia.
“With the backing of AEI HorizonX, Quincus not only gains additional capital but greater access to the deep operational knowledge and industry relationships that Boeing and AE Industrial Partners have built over many decades,” said Quincus co-founder and CEO Jonathan E. Savoir, according to a press release.
The fresh cash will be destined to accelerate the company’s commercial growth in the US market, the firm announced. At the same time, Quincus will utilize the previously obtained funds to support the company’s global expansion in the Asia Pacific region, the Middle East, and selected markets in Latin America and Europe.
“As logistics operators plan their future fleets—from traditional freighter aircraft to autonomous vehicles—Quincus is uniquely positioned to help their customers open and optimize completely new routes by leveraging novel cargo delivery vehicles,” said AEI HorizonX’s director Beckett Jackson.
Previous to this round, Quincus, which was founded in 2014, obtained an undisclosed Series A round in January from investors including GGV Capital, Masik Enterprises, and Aletra Capital Partners.