The supply chain is an essential part of so many large corporations. It’s how enterprise companies are able to get their products from their warehouses to customers all over the world. But managing a large supply chain like that can be a daunting task.
FourKites helps manage this problem through its supply chain visibility platform that helps businesses see what’s going on during every step of the logistics process.
On Wednesday, the Chicago-based company announced that it received $100 million in a Series D funding round. This new round was led by Thomas H. Lee Partners, and brings the company’s total funding to more than $200 million. Qualcomm Ventures, Volvo Group Venture Capital AB, Zebra Technologies and several existing investors also participated in the round.
The FourKites platform can help businesses track their shipments in real time across land, air and sea, and uses machine learning to predict when they’ll arrive. It can also provide real-time data for warehouses and truck yards, and help automate appointment scheduling.
Because of the COVID-19 pandemic, companies across multiple industries have had to adopt tech solutions to manage different parts of their business — and this has been especially evident in the supply chain. A number of different companies have turned to FourKites to help with this, and as a result the company has seen a big year for growth.
FourKites now helps track over one million shipments every day, which represents a 120 percent year-over-year increase. The company now helps manage 6.4 million connected facilities, which is a 70 percent year-over-year surge. And lastly, FourKites has seen 140 percent year-over-year growth in tracking ocean and rail shipments.
In 2020, FourKites also developed over 120 new products and features in order to expand what its platform can do for its customers.
The company’s new funding will help FourKites continue that growth trajectory. The company predicts that demand for supply chain visibility solutions will continue to grow, and it wants to scale in order to solidify its standing in the space.
“This latest funding round, following a year of record growth for FourKites, validates our vision of breaking down the barriers across today’s supply chains — between transportation, warehouses, stores and siloed technology systems,” founder and CEO Mathew Elenjickal said in a statement. “We look forward to partnering with our investors to enable true end-to-end visibility and unlocking tremendous value for the entire ecosystem.”
FourKites has more than 500 of the world’s largest brands as customers, including Walmart Canada, The Dow Chemical Company, PetSmart, Coca-Cola, AB InBev, 3M and more.
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