Airspace, a California-based logistics company, closed on a $70 million round of investment funding, according to a news release.
The new funding, led by DBL Partners and co-led by Telstra Ventures and HarbourVest Partners, brings the company's total funding to $138 million, the news release said.
"Funding will be leveraged to accelerate market penetration in Europe and further expand into Asia," Airspace said. "In addition, the company will continue to build out its core business while also launching new service lines such as expedited freight, and will expand into new customer verticals such as semiconductor, automotive and clean tech."
As it grows, the company will have a renewed focus on sustainability, the news release said.
"We're thrilled to announce this new round of funding, which will help us capitalize on the immense opportunity in the time-critical logistics industry," Nick Bulcao, co-founder and CEO at Airspace said in a statement. "As we grow, our AI and machine-learning platform only gets better, allowing us to better predict and dynamically respond to the challenges of critical logistics."
Supply chain disruptions worldwide have made logistics critical, the company said.
"With these additional funds, we'll be able to expand into new geographies and industries, reliably delivering critical packages when time is of the essence, in the most environmentally conscious way possible," Bulcao said.
Ira Ehrenpreis, founder and managing partner at DBL Partners, and Joel Hwang, principal of HarbourVest, have been appointed to Airspace's board of directors, according to the news release.