FourKites, a Chicago, IL-based logistics tracking platform, raised $1.25m in seed funding.
The round was led by Hyde Park Venture Partners with participation from Hyde Park Angels, Harvard Business School Angels, Bluestein & Associates and Otter Consulting.
The company intends to use the funds to further expand its team to 20 employees within the next year and continue to develop its SaaS platform.
Founded in 2012 by Mathew Elenjickal and Arun Chandrasekaran, FourKites provides a a cloud-based SaaS platform for users to have visibility and real-time location tracking for shippers, third-party logistics providers and freight brokers. The solutions allows for communication and real-time collaboration across the various entities in the logistics landscape. It enables shippers, freight brokers and third party logistics providers to monitor the exact location of trucks and the freight status based on data from Electronic Logging Devices (ELD/GPS) already installed in commercial trucks.
The company partners with a network of more than 25 Electronic Logging Device (ELD/GPS) manufacturers in North America and is working to expand its ecosystem based on customer demands.
It is a 2013 graduate of the Pritzker Group Venture Fellows (PGVF) program that provides funding and company building resources to student entrepreneurs.
FinSMEs
03/06/2015