Supply Chain Visibility Platform FourKites Raises $10 Million From Mitsui & Co
FourKites, a Chicago and Chennai-based supply chain visibility startup, has received a $10 Mn investment from Mitsui & Co., Ltd., a Japanese conglomerate.
The investment from Mitsui & Co. comes as part of an ongoing strategic relationship between the two companies. As per the startup, FourKites and Mitsui & Co., Ltd. intend to formalise the partnership by the end of the year.
Mitsui & Co. is looking to invest more resources to expand the reach of FourKites in APAC. The strategic partnership between the two companies is set to initially focus on Japan but would expand throughout APAC in the future.
FourKites | Supply Chain Intelligence Platform
Founded by Mathew Joseph Elenjickal in 2014, FourKites is a supply chain intelligence platform that delivers real-time visibility and execution for Fortune 500 companies and third-party logistics firms across 200 countries.
The startup provides a single view of your entire supply chain and is optimized for mobile, equipped with market-leading end-to-end security.
Speaking about the development, John Kenichi Kogiku, General Manager of the digital solutions business division at Mitsui, said,
“We are excited to partner with FourKites to bring improved supply chain visibility and efficiency to operations in all industries and all countries throughout APAC.”
Using patented artificial intelligence technology to calculate shipment arrival times, FourKites enables customers to lower operating costs, improve on-time performance, and strengthen end-customer relationships.
The real-time transportation visibility platform currently tracks international shipments in 44 countries and territories in APAC. FourKites claims to have seen 240% growth in shipments tracked, 91% growth in new APAC customers, and 70% growth in the number of carriers tracking loads in APAC over the last 12 months.
During the same period, the startup has also witnessed 30% growth in the number of ports tracked in APAC, now totaling 270 ports in the region and 315% growth in the number of facilities tracked in APAC, now totaling 7,000 facilities.
Follow us and connect with us on Instagram, Facebook, Twitter, and LinkedIn.
Note: If you are a budding entrepreneur and require assistance in new company registration or other startup related legal services, contact us.