PHILADELPHIA, PA — ARC by ChargeItSpot secured a $60 million growth investment from Acadia Investment Partners to expand its enterprise device-management platform across retail, logistics, and other frontline industries as businesses increasingly rely on handheld technology for daily operations.
ARC plans to use the capital to accelerate product development, expand commercial operations and extend its platform across retail, supply chain, logistics, grocery, airline and warehousing environments.
Additional financial terms weren’t disclosed. Acadia founder and Managing Partner Harsh Agarwal and Peter Schmitt will join ARC’s board as part of the transaction.
ARC’s platform combines self-service device storage with cloud-based software and data analysis to manage handheld technology used by frontline employees. The system tracks individual device accountability, distributes charged equipment to workers and monitors device health, availability and utilization.
The company is targeting operational costs associated with lost or damaged equipment, excess backup inventory, underused devices and employee time spent locating and troubleshooting technology.
ARC said an analysis of its deployments showed device shrink declining by nearly 95%, manager time spent administering devices falling almost 85% and device utilization increasing more than 20%.
The company has processed more than 130 million user transactions since deploying the platform at national scale, providing data on device usage, availability and operating patterns.
“Enterprises invest billions in devices designed to amplify worker output,” Chief Executive Officer Douglas Baldasare said. “But, when those devices aren’t working, aren’t charged, or aren’t readily available, the investment is wasted and worker output goes down.”
The investment gives ARC additional capital to pursue growth beyond its existing deployments while increasing spending on its technology and operational resources.
“As frontline operations become increasingly technology-dependent, effectively managing the devices that power those operations becomes even more mission-critical,” Agarwal said.
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