New Delhi, Feb 22 (PTI) Predictive supply chain platform, FourKites today said it has raised USD 35 million (about Rs 227.80 crore) in Series B funding to further its geographic and product expansion. Also Read - South African Strain of COVID-19 Detected in 4 Returnees, 1 Found Positive For Brazil Variant, Says Govt
FourKites uses connections to more than four million GPS devices and a proprietary algorithm to provide precise arrival time predictions and real-time recommendations. Also Read - Pawri Ho Rahi Hai: Pakistan Cricket Team Joins Viral Trend As Pacer Hasan Ali Shares Hilarious Version | Watch
August Capital led the funding round, with additional investment from existing investors Bain Capital Ventures and Hyde Park Venture Partners. Also Read - 'Scary, Yet Beautiful: Spectacular Videos Capture The Moment Italy's Mount Etna Erupts & Shoots Lava Into The Sky | Watch
“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,” said Arun Chandrasekaran, Co-founder & CTO, FourKites.
He further said, “we are going to be heavily investing in research and development, product & engineering. This includes omni-modal tracking & end to end visibility solutions and our predictive analytics capabilities. We will also invest in our operations to help our customers realise value and be successful.” Eric Carlborg, general partner at August Capital, will join the FourKites board, a company release said.
“Predictive technology is rapidly becoming an integral component of supply chain execution, as companies recognize its enormous value,” said Carlborg.
The company recently signed international deals with Unilever for supply chain tracking across Europe, and with AB InBev in South Africa.
Other FourKites customers include – Best Buy, Conagra Brands, KraftHeinz, Nestlé, Perdue Foods, Smithfield Foods and US Foods.
This is published unedited from the PTI feed.