Project44 raises $45 million to grow its predictive visibility platform for shippers | Industry
Breaking Tech Industry news from the top sources
Project44, a real-time “visibility” platform that lets companies such as logistics firms track their shipments of goods, has raised $45 million in a round of funding led by Sapphire Ventures, with participation from Insight Venture Partners, 8VC, Chicago Ventures, Emergence Capital, Omidyar Technology Ventures, OpenView Venture Partners, and Pritzker Group Venture Capital.
Founded out of Chicago in 2014, Project44’s platform connects with many of the biggest transportation and shipping providers in the world to deliver deep data on shipments. This includes tracking, but it goes beyond that to include everything involved in the planning and documenting of the goods’ transportation from point A to point B.
In terms of tracking, Project44 can use data from sources including electronic logging devices (ELDs), telematics, or smartphone applications, and then add its own predictive analytics to determine arrivals, pickups, locations, and so on. The platform also enables configurable push notifications, text messages, or emails, which serve those who need to know the latest shipment information.
Prior to now, Project44 had raised around $45 million, and with its latest cash injection it said that it plans to continue its growth in North America, build new products, and grow globally.
Without giving any hard numbers, the company said it saw “record growth” in its previous quarter, which included sales to manufactures, retailers, ecommerce firms, freight forwarders, startups, and more. “We have an amazing opportunity, fantastic customers, talented team, and are the fastest-growing company in the space,” Project44 founder and CEO Jett McCandless said.
We’ve seen a slew of investments made across the logistics realm this year, including Next Trucking, which raised $21 million from Sequoia and others to match carriers with shippers, while Freightos nabbed $44.4 million to expand its on-demand global freight platform, Bringg closed a $12 million round, and Fleet raised $10 million.
“Project44 will not merely participate in this newly developed visibility category, but will define, grow, and lead it,” added Sapphire Ventures partner Kevin Diestel, who now joins Project44’s board of directors. “Project44 is bringing to the shipping and logistics space what Stripe brought to payments, Twilio brought to communications, and Mulesoft brought to SaaS applications.”
Sign up for Funding Daily: Get the latest news in your inbox every weekday.