Chicago Supply Chain And Logistics Startup, FourKites, Rings Closing Bell On Wall Street
Chicago startup FourKites is in the business of making sure the shipping industry knows where their trucks and shipments are. The company uses proprietary data gathering techniques as well as GPS information from multiple sources to pinpoint where freight is at all times.
Freight and cargo theft alone amount to over $30 billion dollars in losses annually in the United States. Add to that another $49.6 billion dollars lost from misguided freight, and there’s a huge opportunity. One that FourKites has been able to seize.
Investors see the vision with FourKites as well. Late last year the company closed on a $13 million dollar Series A round led by Bain Capital Ventures, with Hyde Park Venture Partners, Hyde Park Angels and Otter participating as well.
They’ve also caught the eye of the local Chicago startup community. They recently won the Chicago Innovation Awards. With that they were given the opportunity to ring the closing bell on the Nasdaq stock market on Monday March 27, 2017.
“This annual event is an excellent example of how the Chicago Innovation Awards celebrates the spirit of innovation in organizations across all industries, sizes and sectors,” said Tom Kuczmarski, co-founder of the Chicago Innovation Awards.
“We congratulate FourKites for winning the Chicago Innovation Awards, and applaud their commitment to innovation,” said Dan Miller, fellow co-founder of the Chicago Innovation Awards.
“FourKites is developing a major presence in Chicago and across the world as our real-time visibility offerings are modernizing and future-proofing the logistics industry,” said Matt Elenjickal, founder and CEO of FourKites. “Receiving recognition for our approach in solving an industry-wide problem as well as for helping Chicago get the recognition it deserves for its growing rank as a tech innovation hub is extremely meaningful, especially knowing we’re surrounded by so many local technology trailblazers.”