FourKites, provider of predictive supply chain visibility, recently announced $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. This funding brings FourKites’ total capital raised to $100.5 million.
Since launching five years ago, FourKites 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 will use the funding to expand its supply chain platform with new applications and capabilities; grow its global network of top shippers and carriers; and extend its “zero deadhead” initiative to help shippers share unused truck capacity. The firm currently tracks shipments in 55 countries, helping top shippers and carriers collaborate based on real-time data across North America, South America, Europe and Africa.
The company 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% 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.
To learn more, visit fourkites.com.