FourKites raises $10 million from Mitsui & Co. to revamp the region’s supply networks

• ByStartupStory     |    September 30, 2022

The strategic investment will help address existing supply chain issues in APAC and further develop FourKites‘ supply chain visibility network in that region. The company FourKites, which provides supply chain insight, on Thursday disclosed a $10 million investment from Mitsui & Co, Ltd to broaden its product offerings throughout the APAC region.

John Kenichi Kogiku, General Manager of Mitsui’s Digital Solution Business Division, said, “We are thrilled to work with FourKites to deliver enhanced supply chain visibility and efficiency to operations in all industries and all countries throughout APAC.

44 countries and territories in APAC are now tracked by FourKites for international shipments. According to FourKites, over the past year, 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.

The development of FourKites X, an expanded visibility platform that alters global supply chains using data insights from both firms’ networks, was made possible thanks to a strategic investment from FedEx, which FourKites revealed in June.

In order to advance the development of digital supply chains, prominent firms have made a number of sizeable strategic investments in FourKites prior to Mitsui’s investment. The industry leaders are collaborating to create automated, interconnected, and collaborative global supply chains that span transportation, warehouses, stores, trucks, and more. Last year, FourKites announced strategic investments from Qualcomm Ventures, LLC, Volvo Group Venture Capital AB, and Zebra Technologies.

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