FedEx invests in FourKites to build smart supply chain platform! Amount not disclosed!

FedEx and Chicago-based supply chain visibility provider FourKites announced on June 21 that they have partnered to build a global supply chain intelligence platform, FourKitesX. According to the agreement, FedEx will invest an undisclosed amount in FourKites.

The new platform, FourKitesX, is designed to help large shippers and logistics providers with dynamic planning, real-time visibility, proactive alerts and supply chain optimization insights. FourKites customers will be able to integrate the platform with their existing systems.

“We have an unwavering commitment to serving our customers through strategic innovation,” said Mathew Elenjickal, founder and CEO of FourKites. “Built on a foundation of data and machine learning, we are working to pave the way for the future of global supply chains, delivering new value to these global supply chains.”

Over time, FourKites' core capabilities will be enhanced by FedEx's extensive collection of premium supply chain data, which was previously kept confidential.

FourKitesX combines FourKites’ machine learning and artificial intelligence capabilities with data insights from the FedEx network, which spans 220 countries and territories and delivers 16.5 million shipments per day. The combined network will be included in a suite of pre-built applications and an intuitive dashboard to provide more accurate ETAs and deeper analytical data.

FedEx’s business unit said it will support FourKites’ work under the agreement: “Our collaboration with FourKites creates a data ecosystem that will provide new levels of data predictability and visibility to help customers build smarter supply chains in today’s unpredictable and complex business environment.”

It is learned that currently, FourKites' network tracks 2.5 million shipments per day and connects half of the supply chains in the Fortune 500 list. Together with FedEx (whose own network connects 99% of the world's GDP), it contributes to the normal operation of the global supply chain.

Editor ✎Estella/

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