FourKites, a Chicago based global leader in predictive supply chain visibility, today announced $50 million in new funding to fuel the growth of its real-time visibility network for shippers and carriers, with Engineering Center of Excellence in Chennai. The Series C round includes follow-on financing from existing investors August Capital, Bain Capital Ventures, CEAS Investments and Hyde Park Angels. The funding brings FourKites’ total capital raised to $101.5 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, Walmart Canada and many others.
Commenting on the occasion, Mr. Arun Chandrasekaran, Co-Founder and CTO, FourKites, said “We are extremely delighted with the multi-fold and meteoric growth of FourKites in its recent years. With Series C funding in place, we are looking forward to accelerating the growth of the company by further expanding our engineering talent pool. The funding is well-timed with our recent recognition from Great Place to Work, which has also helped us shift our focus to increasing the overall headcount to double in India. In addition to investing in strengthening our R&D capabilities we will continue our investment in employing and developing right talent in India.”
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. FourKites currently tracks shipments in 55 countries worldwide, helping top 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 Mr.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 continues its global expansion. The company now has more than 300 employees in Chicago (headquarters) and Chennai, India; with operations in Mexico, Brazil, Poland and the United Kingdom. The FourKites platform is live in eight languages, with product guides in 15 languages.