FourKites, a predictive supply chain visibility company with U.S. headquarters in Chicago, Illinois, has received $50 million in new funding to fuel growth of its real-time visibility network for shippers and carriers. The Series C round was led by existing investors August Capital, Bain Capital Ventures, CEAS Investments and Hyde Park Angels. The funding brings FourKites’ total capital raised to $100.5 million.
Since launching five years ago, FourKites says it has pioneered the industry shift to real-time visibility, enabling shippers to improve on-time delivery and optimize their supply chain based on actionable data and predictive intelligence.
FourKites’ network now includes more than 200 of the world’s top shippers, including AB InBev, Conagra Brands, Kraft Heinz, Nestlé, Perdue Foods, Smithfield Foods, Unilever and Walmart Canada.
“FourKites gives us comprehensive data visibility in a simplified platform that allows us to quickly and effectively manage our shipments in transit,” said Jason Wicklund, supply chain leader at Land O’Lakes. “As our partnership with FourKites grows, we look forward to leveraging the predictive analytics tools available to unlock additional capacity in a challenging marketplace. This will allow us to be more collaborative with our customers and vendors in a fragmented and complex supply chain.”
FourKites will use the funding to expand its supply chain platform with new applications and capabilities; grow its global network of shippers and carriers; and extend its “zero deadhead” initiative to help shippers share unused truck capacity. FourKites currently tracks shipments in 55 countries worldwide, helping shippers and carriers collaborate based on real-time data across North America, South America, Europe and Africa.
“We believe in a future where every supply chain is collaborative, intelligent and networked,” said Mathew Elenjickal, founder and CEO of FourKites. “Predictive intelligence helps shippers find new ways to reduce costs, improve service and drive innovation. This comes at a critical time for the industry, as it responds to changing customer expectations, government regulations and cost pressures. As we move into 2019, we’re excited to add more shippers, more carriers and more value to the FourKites network to help accelerate the industry’s transformation.”
FourKites recently launched its zero deadhead initiative to help shippers share unused truck capacity, powered by a new Predictive Capacity Management product that dynamically matches shipments with available capacity. FourKites believes capacity sharing can reduce 15 to 20 percent of shipping costs by tapping into unused truck capacity via private networks, based on the real-time visibility and artificial intelligence matching provided by the FourKites platform. By comparison, traditional matching technologies and load boards operate based on stale historical data, resulting in nearly 40 percent of trucks on the road driving empty at any given time.
“FourKites’ growth has been remarkable, fueled by a strong product, focused leadership and an amazing customer base,” said Ajay Agarwal, partner at Bain Capital Ventures. “The fast market adoption speaks to even more opportunity ahead as FourKites becomes an essential platform for supply chain leaders. As the network grows, the predictive capabilities get stronger—enabling more ways to optimize and transform supply chains for the future.”
FourKites continues its global expansion. The company now has more than 300 employees in Chicago and Chennai, India; with operations in Mexico, Brazil, Poland and the U.K. The FourKites platform is live in eight languages, with product guides in 15 languages.