FourKites, Chicago, announced $35 million in Series B funding to further its geographic and product expansion.
Powered by a large network of real-time shipment location data, FourKites uses connections to more than 4 million GPS devices and a proprietary algorithm to provide precise arrival time predictions and real-time recommendations. Enterprise shippers use deep analytics from FourKites to make immediate decisions that improve on-time delivery rates, strengthen end-customer relationships and optimize supply chain operations.
While FourKites has grown its customer base and network exponentially, it also expanded tracking coverage to Europe and South America to include shipments moving by ocean, rail and parcel, in addition to truckload and less-than-truckload (LTL), as well as real-time trailer temperature and condition monitoring. The company also added robust analytics and benchmarking capabilities to provide shippers with actionable business insights.
“Our goal since Day 1 has been to deliver measurable value for our customers by reimagining the way technology can transform their global supply chains,” says Mathew Elenjickal, founder and CEO. “This new funding accelerates the pace with which we can develop the next generation of predictive supply chain solutions.”
“Predictive technology is rapidly becoming an integral component of supply chain execution, as companies recognize its enormous value,” says Eric Carlborg, general partner at August Capital, the Menlo Park, Calif.-based venture capital firm leading the round. “FourKites is at the forefront of that value creation, delivering transformative solutions to the world’s largest companies. We look forward to being part of FourKites’ next chapter, as the team scales the breadth and depth of those solutions.”