Predictive intelligence helps shippers find new ways to reduce costs, improve service and drive innovation.
By Sajan Kumar
FourKites, the Chennai-based predictive supply chain visibility startup, after securing $50 million in new funding in February is scaling up its real-time visibility network for shippers and carriers. The latest round will fund new applications, network expansion and industry collaboration with plans being chalked out to double its headcount in India. 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 helped the industry shift to real-time visibility, enabling shippers to improve on-time delivery and optimise 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. 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. “In addition to investing in strengthening our R&D capabilities we will continue our investment in employing and developing right talent in India,” Arun Chandrasekaran, co-founder and CTO, FourKites, said.
“For us, core technology is not at all a challenge, but the operationlisation part is. We have to see different types of regulations in each country.” Using a proprietary algorithm to calculate shipment arrival times, FourKites enables customers to lower operating costs, improve on-time performance, and strengthen end-customer relationships. With a network of more than four million GPS/ELD devices, FourKites covers all modes, including truckload, LTL, ocean, rail, intermodal, last mile and parcel. The platform is optimised for mobile and equipped with market-leading end-to-end security.
It currently tracks shipments in over 55 countries worldwide, helping top shippers and carriers collaborate based on real-time data across North America, South America, Europe and Africa. Predictive intelligence helps shippers find new ways to reduce costs, improve service and drive innovation. FourKites is also pursuing its global expansion and is in the process of spreading wings to newer geographies.