Logistics software startup FourKites just hauled in new funding from FedEx to build a new package-tracking platform to help companies with supply-chain challenges.
FedEx announced Tuesday it made a strategic investment in the Chicago company and will launch FourKites X, which will help predict delays and provide more accurate ETAs for packages.
It will combine FourKites' tracking platform with data from FedEx Dataworks, a FedEx business unit focused on making supply chains smarter.
Terms of the investment were not disclosed.
FourKites, founded in 2014, has raised more than $200 million to date. It raised a $100 million round last year.
Led by founder and CEO Mathew Elenjickal, FourKites' previous investors included private equity firm Thomas H. Lee Partners, Zebra Technologies, Volvo Group Venture Capital, Qualcomm Ventures, Hyde Park Angels, Hyde Park Venture Partners and others.
The company is valued at more than $1 billion, according to The Wall Street Journal.
The goal of of FourKites X is to bring more data to the supply chain and help shippers mitigate the challenges they've faced recently, from Covid disruptions to port congestion.
FourKites says it now works with more than 1,000 companies, including Kraft Heinz, Mondelez, Coca-Cola and Best Buy. The company says it tracks more than 2.5 million shipments a day.
