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Chicago-based logistics tracking platform FourKites announced today they've received a $1.25 million seed round.
The new infusion of capital will be used to expand their team and improve their product. The round was led by Hyde Park Venture Partners with participation from Hyde Park Angels, Harvard Business School Angels, Bluestein & Associates and Otter Consulting.
“With this capital infusion we will hire more engineers, roll out new product lines, and grow our sales and marketing teams,” Mathew Elenjickal, founder of FourKites, said in a statement. “We plan to further expand our rapidly-growing team to 20 employees within the next year and will heavily invest in the continued development of our SaaS platform.”
FourKites provides visibility and real-time location tracking for shippers, third-party logistics providers and freight brokers with a cloud-based SaaS platform that allows for communication.
FourKites is partnered with a network of more than 25 Electronic Logging Device (ELD/GPS) manufacturers to monitor the exact location of trucks.
“There is a huge pain point in the trucking industry and FourKites has solved it. Traditional logistics tracking and communication systems are labor intensive and extremely reactive,” said Ira Weiss, partner at Hyde Park Venture Partners, who led the investment. “As transparency and real-time visibility become increasingly important in the logistics industry, FourKites is leading the way by integrating tracking data from over 90% of the nation’s largest ELD/GPS manufacturers to get real-time data on truck location.”
Several Fortune 100 companies are already using FourKites’ platform and are seeing immediate returns through better customer service, a decrease in phone calls, reduced detention, loading, unloading times and streamlined distribution center.
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