The Japanese trading and investment business Mitsui & Co., Ltd. has invested $10 million in the logistics-focused technology platform FourKites as part of a strategic partnership.
FourKites, a Chicago-based company, said in a statement that it will use the funds to broaden its product line in the Asia-Pacific (APAC) area.
Mitsui’s investment in FourKites is the result of a yearlong effort involving thorough due research on the supply chain visibility landscape. Mitsui plans to commit considerable resources to increase FourKites’ coverage in APAC, including sales, customer support, operations, and product localization, resulting in a hyper-localized APAC solution. The strategic alliance will focus on Japan and APAC.
“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 and Mitsui share a culture of innovation, integrity and collaboration, and a broader vision for transforming global supply chains. We are looking forward to working with FourKites to achieve our mutual goals through digitization and automation.”
FourKites, a company founded in 2014 by Mathew Joseph Elenjickal and Arun Chandrasekaran, uses machine learning and real-time data to assist businesses in digitising their entire supply chains.
“As a global logistics hub, companies throughout APAC are making significant investments in supply chain transformation,” said FourKites founder and CEO Mathew Elenjickal. “Given this growth trajectory, we are honored that Mitsui has selected FourKites as a partner to bring unprecedented levels of visibility to the APAC region. We are thrilled to welcome Mitsui into our powerhouse network of strategic investors who are working together to revolutionize supply chains around the world.”
Leading supply chain visibility platform FourKites® extends visibility beyond transportation into yards, warehouses, stores and beyond. Tracking more than 2.8 million shipments daily across road, rail, ocean, air, parcel and courier, and reaching over 200 countries and territories, FourKites combines real-time data and powerful machine learning to help companies digitize their end-to-end supply chains. More than 1,100 of the world’s most recognized brands — including 9 of the top-10 CPG and 18 of the top-20 food and beverage companies — trust FourKites to transform their business and create more agile, efficient and sustainable supply chains.
Mitsui & Co., Ltd. (8031: JP) is a global trading and investment company with a diversified business portfolio that spans approximately 63 countries in Asia, Europe, North, Central & South America, The Middle East, Africa and Oceania. Mitsui has about 5,500 employees and deploys talent around the globe to identify, develop, and grow businesses in collaboration with a global network of trusted partners. Mitsui has built a strong and diverse core business portfolio covering the Mineral and Metal Resources, Energy, Machinery and Infrastructure, and Chemicals industries.