FourKites, a platform that tracks freight shipments, has raised $35 million in Series B round led by August Capital. The existing investors such as Bain Capital Ventures and Hyde Park Ventures also participated in the round.
The platform will use the fresh round to expand its operations and improve its ability to predict shipping times.
In 2016, FourKites raised $13 million in Series A funding led by Bain and its existing investors. Previously, it raised $2.5 million in two seed rounds.
Founded in 2014, FourKites is a real-time supply chain visibility and predictive analytics platform that tracks shipment location and temperature. It also monitors less-than-truckload shipments, parcel delivery and cargo moving by rail and ocean.
The company uses proprietary predictive algorithm device which enables them to provide precise arrival time predictions and real-time recommendations to its customers. It also plans to add a range of prediction services, such as forecasting while emptying trucks.
The Chicago-headquartered company, and has offices in India, is aiming to double the number by the end of this year.
Recently, it has signed international deals with Unilever for supply-chain tracking across Europe and South Africa. It also plans to expand its services in Asia and South America.
FourKites claims that it tracks at least one million shipments per month. It also claimed that the company’s revenue has increased by 400 per cent over the past 12 months.
Its Indian competitor Mumbai-based LogiNext in November last year had tied up with global technology giant IBM to optimise supply chain functions for e-commerce, retail, and allied sectors.
In September 2015, LogiNext raised a sum of $10 million from Paytm. It also raised an undisclosed amount of funding from Indian Angel Network, and a group of investors in April 2015.
The funding news was first reported by ET.
