Chicago-based FourKites, a provider of real-time tracking and visibility solutions across transportation modes and digital platforms, recently announced it completed a new $100 million Series D financing round.
This round, which brings FourKites’ total capital raise to more than $200 million, was led by Thomas H. Lee Partners, and it also had participation from other investors, including Zebra Technologies, Volvo Group Venture Capital AB and Qualcomm Ventures.
Company officials said that, with its new investors, the company is focused on fueling a broader vision with an eye on the future of digital supply chains that “connects the physical and digital worlds of warehouses, stores, and transportation with real-time data and machine learning.” And they added that recent pandemic-related supply chain disruptions have spurred an ongoing shift to real-time transportation visibility platforms, with research firm Gartner recently predicting that 50% of leading global enterprises will have invested in real-time transportation visibility platforms by 2023.
Mathew Elenjickal, CEO and Founder of FourKites provided Logistics Management Group News Editor Jeff Berman with a detailed over of this round of financing, which follows below.
LM: What will FourKites invest this round of financing on?
Elenjickal: The funds will be used primarily for 3 things:
LM: What are the main benefits of this news for customers?
Elenjickal: There are several benefits.
LM: What are the biggest competitive advantages of this funding for FourKites?
Elenjickal: For FourKites, this latest round of financing is much more than just an infusion of capital. It’s about partnering with some of the biggest companies in the world to extend supply chain visibility well beyond transportation into true end-to-end visibility to bring about the next generation of innovation in the industry. These partnerships are the definition of strategic alliance, where brand visions for customer satisfaction, technology, efficiency and everything in between truly align to create the most robust, innovative strategies to drive the industry forward.
Together with Thomas H. Lee Partners, who shares our vision for the future of supply chain automation; Qualcomm, the world’s leading wireless, 5G and IoT innovator, looking to create massive new opportunities to collaborate on the future of connected world; Volvo Group, looking to shape the future of transportation with its next-generation autonomous trucks; and Zebra Technologies, who is working to provide real-time visibility into assets from the manufacturing facility all the way to the retail store location — with these partners, and with our unparalleled network of supply chain data, we have the ability to revolutionize the entire supply chain ecosystem, and to drive tremendous value for all stakeholders along the way.
Cardinal Health collaboration: FourKites also recently announced a global partnership with Cardinal Health, a distributor of pharmaceuticals, a global manufacturer and distributor of medical and laboratory products, and a provider of performance and data solutions for health care facilities, which will focus on enhancing the tracking of medical equipment, pharmaceutical products, first aid supplies and personal protective equipment (PPE) in transit to hospitals, pharmacies and other care facilities worldwide. FourKites noted that its tracking and analytics capabilities will help Cardinal Health optimize supply chain operations and enable a fast, reliable and frictionless experience for the 29,000 pharmacies and nearly 90 percent of American hospitals that depend upon Cardinal Health for critical supplies.