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, a daily media streaming network and data provider for the global freight market, said Friday it has raised $37 million in two rounds of funding.

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The Chattanooga, Tennessee-based startup鈥檚 SaaS platform, SONAR, provides data, intelligence and analysis to transportation and logistics providers, shippers, financial traders and analysts, so they can make data-driven decisions on exposure and pricing, according to the company.

led one of the rounds, providing $30 million in capital for growth opportunities, while the other $7 million came from an undisclosed investor back in April, the company said in a written statement. The two new rounds give FreightWaves a total of $75 million in capital raised since its inception in 2016. FreightWaves鈥� last venture raise was in February 2019, a round led by , according to 兔子先生传媒 data.

FreightWaves said Kayne Partners鈥� investment was a minority, noncontrol investment and that the fund鈥檚 managing partner and co-head of growth equity, , will join its board.

鈥淔reightWaves鈥� SONAR SaaS solution has already begun to redefine how decisions are made in the logistics space, and we look forward to supporting the team in expanding a product suite that customers throughout the freight landscape increasingly rely on to successfully manage daily operations,鈥� Cummings said in a written statement.

The company, which provides streaming media and data to the , plans to use the additional capital on product development and potential strategic acquisitions. This year, it pivoted from a rapid scale model to sustainable growth, , FreightWaves鈥� CEO said in a written statement.

鈥淓ven though COVID-19 had an impact on some of our revenue streams, we are accelerating past our profitability targets and are reinforcing strong fundamentals in our business model,鈥� Fuller said. 鈥淐ommunity and events like FreightWaves LIVE were more than 50 percent of our revenue in the first half of 2019. With COVID-19 forcing us to cancel FreightWaves LIVE in May, we weren鈥檛 able to host our bi-annual event and experienced a significant impact to top-line revenues.

鈥淭he good news for us is that we had been building an over-the-top streaming TV network that was able to carry the FreightWaves LIVE content and experience into a virtual format,鈥� he added.

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