FourKites has raised $10 million funding to augment its growth across the APAC Region. The investment came in from Mitsui & Co, Ltd.
“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,” said John Kenichi Kogiku, General Manager of Digital Solution Business Division at Mitsui.
Fourkites serves 44 APAC Nations
Right now, 44 APAC nations and territories are covered by FourKites’ global cargo tracking service. According to FourKites, in the past 12 months, the number of tracked shipments has increased by 240%, the number of new APAC customers has increased by 91%, the number of carriers tracking loads in the region has increased by 70%, the number of ports tracked in the region has increased by 30%, and the number of facilities tracked in the region has increased by 315%, bringing the total to 7,000 facilities.
FourKites announced a strategic investment from FedEx in June, which it would use to create FourKites X, a platform with expanded visibility that alters international supply chains using data insights from both businesses’ networks.
Mitsui’s investment in FourKites follows a number of sizeable strategic investments made by big firms in the business to further the development of digital supply chains.
Last year, FourKites announced strategic investments from Qualcomm Ventures, LLC, Volvo Group Venture Capital AB and Zebra Technologies, wherein the industry leaders are working together toward automated, interconnected and collaborative global supply chains, spanning transportation, warehouses, stores, trucks and more.