Logistics software provider FourKites Inc. has landed $50 million in venture capital funding, and plans to invest the money in fueling the growth of its real-time visibility network for shippers and carriers, the firm said today.
Real-time visibility of freight in transit can enable shippers to improve their on-time delivery and optimize their supply chains based on actionable data and predictive intelligence, FourKites says.
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.
Chicago-based FourKites will use the new 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 said.
The firm says that capacity sharing can reduce 15 to 20 percent of shipping costs by tapping into unused truck capacity via private networks. In October, FourKites launched its "zero deadhead" initiative to help shippers share unused truck capacity, powered by a Predictive Capacity Management product that dynamically matches shipments with available capacity.
"We believe in a future where every supply chain is collaborative, intelligent and networked," FourKites founder and CEO Mathew Elenjickal said in a release. "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."
FourKites also plans to invest in continued international growth. The company 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.