FourKites, a start-up which provides predictive supply chain platform to customers like food company Nestlé and retailer Best Buy Co., said it had raised $35 million in a Series B funding round. It would use the money to further its geographic and product expansion. August Capital led the round, with additional investment from existing investors Bain Capital Ventures and Hyde Park Venture Partners.
“The funding will further fuel the company’s plan to double its engineering talent pool and also build new teams by the end of this calendar year, 2018,” Arun Chandrasekaran, co-founder and CTO of FourKites, said in a statement.
Using a proprietary algorithm to calculate shipment arrival times, FourKites said it enables customers to lower operating costs, improve on-time performance, and strengthen end-customer relationships. With a network of more than four million Global Positioning System (GPS) devices and electronic logging devices, FourKites said it covers all modes including ocean, rail, parcel and over-the-road.
