Chicago-based FourKites, a supplier of real-time monitoring and visibility options throughout transportation modes and digital platforms, just lately introduced it accomplished a brand new $100 million Series D financing spherical.
This spherical, which brings FourKites’ complete capital elevate to greater than $200 million, was led by Thomas H. Lee Partners, and it additionally had participation from different buyers, together with Zebra Technologies, Volvo Group Venture Capital AB and Qualcomm Ventures.
Company officers mentioned that, with its new buyers, the corporate is targeted on fueling a broader imaginative and prescient with an eye fixed on the way forward for digital provide chains that “connects the physical and digital worlds of warehouses, stores, and transportation with real-time data and machine learning.” And they added that current pandemic-related provide chain disruptions have spurred an ongoing shift to real-time transportation visibility platforms, with analysis agency Gartner just lately predicting that 50% of main international enterprises can have invested in real-time transportation visibility platforms by 2023.
Mathew Elenjickal, CEO and Founder of FourKites supplied Logistics Management Group News Editor Jeff Berman with an in depth over of this spherical of financing, which follows beneath.
LM: What will FourKites make investments this spherical of financing on?
Elenjickal: The funds can be used primarily for three issues:
- To construct extra depth into our current options, and to assist our clients with further assets. As we proceed to broaden our buyer base and deepen our presence in all verticals, our clients are asking us to resolve very particular use instances with visibility. For occasion, pharma clients are in search of new methods of monitoring the situation of their shipments—not solely the placement—whereas different clients are in search of new notifications that alert them when their shipments enter high-risk areas;
- We can be aggressively rising our presence and Customer Success groups, particularly in Europe, Asia Pacific and India; and
- If you take a look at the strategic buyers on this development financing, we at the moment are evolving past transportation visibility into true end-to-end provide chain visibility in order that you understand precisely what is occurring in your provide chain, wherever and in every single place, at any given time limit. We can be connecting the bodily and digital worlds of warehouses, yards, shops and transportation with real-time knowledge and machine studying. That end-to-end view is what our clients are in search of, and we introduced on robust companions who will help us mix the digital and bodily provide chains.
LM: What are the principle advantages of this information for patrons?
Elenjickal: There are a number of advantages.
- We Will Double Down on Customer Success: We’ll be investing in constructing instruments and options to drive even better worth for our clients’ enterprise. These will embody new automation options, expanded machine studying and extra superior analytics—all to assist them make higher choices, collaborate with their stakeholders and serve their distributors and clients even higher;
- We’re Pursuing our Broader Vision with Big Industry Partners: When we first pioneered the real-time visibility market in 2014, we had a transparent mission to attach international provide chains with real-time knowledge and highly effective machine studying. With this newest spherical of funding, and in partnership with among the greatest firms within the trade, we’re thrilled to share our expanded imaginative and prescient for automated, interconnected and collaborative provide chains — spanning transportation, warehouses, shops and extra — all powered by real-time visibility knowledge;
- World-Class Solutions, Everywhere: For a lot of our clients, their enterprise operates all over the world 24×7. To guarantee their success, we’ll be ramping up our groups and assets to present them the absolute best service, regardless of the place they’re doing enterprise; and
- Massive Scale and Beyond: We’re now monitoring nicely over 1 million shipments daily, and our platform—the most important on the planet—is working at large scale. To be sure that our clients all the time get the perfect, most dependable service, we’re planning for 10x development, and we’re investing closely in platform velocity, scale and safety.
LM: What are the most important aggressive benefits of this funding for FourKites?
Elenjickal: For FourKites, this newest spherical of financing is rather more than simply an infusion of capital. It’s about partnering with among the greatest firms on the planet to increase provide chain visibility nicely past transportation into true end-to-end visibility to convey concerning the subsequent technology of innovation within the trade. These partnerships are the definition of strategic alliance, the place model visions for buyer satisfaction, know-how, effectivity and every part in between really align to create probably the most strong, revolutionary methods to drive the trade ahead.
Together with Thomas H. Lee Partners, who shares our imaginative and prescient for the way forward for provide chain automation; Qualcomm, the world’s main wi-fi, 5G and IoT innovator, trying to create large new alternatives to collaborate on the way forward for related world; Volvo Group, trying to form the way forward for transportation with its next-generation autonomous vans; and Zebra Technologies, who’s working to offer real-time visibility into belongings from the manufacturing facility all the way in which to the retail retailer location — with these companions, and with our unparalleled community of provide chain knowledge, now we have the flexibility to revolutionize all the provide chain ecosystem, and to drive large worth for all stakeholders alongside the way in which.
Cardinal Health collaboration: FourKites additionally just lately introduced a global partnership with Cardinal Health, a distributor of prescribed drugs, a world producer and distributor of medical and laboratory merchandise, and a supplier of efficiency and knowledge options for well being care services, which can concentrate on enhancing the monitoring of medical tools, pharmaceutical merchandise, first assist provides and private protecting tools (PPE) in transit to hospitals, pharmacies and different care services worldwide. FourKites famous that its monitoring and analytics capabilities will assist Cardinal Health optimize provide chain operations and allow a quick, dependable and frictionless expertise for the 29,000 pharmacies and practically 90 p.c of American hospitals that rely upon Cardinal Health for crucial provides.
About the Author
Jeff Berman, Group News Editor
Jeff Berman is Group News Editor for Logistics Management, Modern Materials Handling, and Supply Chain Management Review. Jeff works and lives in Cape Elizabeth, Maine, the place he covers all features of the provision chain, logistics, freight transportation, and supplies dealing with sectors every day. Contact Jeff Berman