Transportation industry software provider FourKites announced that it has raised $13 million in Series A funding led by Bain Capital Ventures, bringing total funding for the two-year-old company to $16.5 million.
FourKites uses mobile, cloud and analytics software to provide load tracking in real-time across more than 2.5 million trucks. The platform is designed to help improve supply chain efficiency for shippers. It uses FourKites proprietary technology and its network of more than 45 partnerships with GPS-enabled electronic logging device providers.
The new funding will be used to integrate more data sources into its tracking platform, expand internationally and cover additional transportation applications such as LTL, rail, intermodal and maritime. Additionally, FourKites is also building new applications that make use of the data its platform collects to drive supply chain operations efficiency.
“Supply chain efficiency has become paramount for every kind of business, and we’re excited to help Matt and FourKites realize their ambitious yet achievable vision,” said Ajay Agarwal, managing director of Bain Capital Ventures. “FourKites has marquee customers achieving impressive results, boosting on-time performance from the low 90% range to 97-98%, which translates into less wait time at warehouses, lower stock-outs, faster inventory turns.”