Airspace Technologies raises $20 million in series B Round

Airspace Technologies, a logistics and shipping company has raised $20 million in fresh funding.

The round was led by Scale Venture Partners with participation from existing investors Qualcomm Ventures, Defy.vc, Cross Culture Ventures and Schematic Ventures. As part of the round, Stacey Bishop, partner at Scale Venture Partners, is joining the Board of Directors.

The 3-year-old startup based in Southern California focuses is on time-critical shipping, getting blood samples delivered to a lab, an organ to a hospital or a mechanical part to a grounded airplane or stalled manufacturing plant.

The startup’s technology includes a Web-based application where shippers can get prices and route information, and real-time tracking for companies receiving the shipment. Another piece is a smartphone app for drivers who, similar to Uber drivers, have their locations tracked and are dispatched to pick up goods to be brought to and from airports for air travel.

The drivers have security clearance to transfer the goods at airport cargo facilities. Airspace Technologies works with Delta Air Lines, American Airlines Inc, Southwest Airlines Co, United Airlines Inc and other major airlines, Bulcao said.

The company plans to extend the round and raise more money from additional interested investors, said Airspace co-founder and CEO Nick Bulcao.

The funding brings the company’s valuation to about $100 million, up from about $20 million in its last funding round in August, according to data firm PitchBook Inc and a separate source with knowledge of the matter.

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