FourKites Inc. today said that it has raised $100 million in fresh financing to extend the reach of its supply chain analytics platform, which already tracks more than a million shipments a day for enterprises worldwide.

The round was led by private equity firm Thomas H. Lee Partners with participation from Qualcomm Inc., Volvo Group and others. 

FourKites counts nine of the world’s 10 largest consumer packaged goods companies as clients. The Chicago-based startup’s customer base also includes electronics retailers, pharmaceutical firms and a long list of other organizations whose business involves shipping physical goods.

FourKites’ platform collects package location data, as well as other information from companies’ supply chains, to show the current status of their orders. The logistics team at an e-commerce firm can use the platform to check what route a shipment of new catalog items will take on its way to a regional fulfillment center, as well as see when it’s expected to arrive. FourKites calculates arrival times using machine learning models that combine data from a company’s own supply chain with external information such as traffic reports.

The startup says that its platform can help enterprises improve their logistics operations in a number of ways. The ability to estimate advance when a package will arrive allows companies to plan ahead in order to reduce shipping delays for customers. Additionally, business analysts can use historical data from past shipments to identify areas for improvement, such as opportunities to switch to faster delivery routes.

FourKites says that the more than 1 million daily shipments it currently tracks for customers represents an over 120% increase from last year. In the same time frame, the startup has increased the number of worldwide logistics facilities it tracks by about 70%. FourKites says it can now monitor the status of packages traveling by truck, plane, container ship and rail in 176 countries worldwide.

The $100 million funding round announced by the startup today shows its investors see significant revenue opportunities ahead. The continued growth of online shopping is creating a bigger reason for traditional retailers to invest in new technologies that can help them streamline their supply chains and become more competitive with major e-commerce marketplaces.

At the same time, retailers, as well as other companies, are deploying new sensors such as lidar devices in their logistics operators as part of “internet of things” initiatives. Those sensors are a source of new data that can potentially increase the value of supply chain analytics tools. 

Other industry players also see strong demand for supply chain analytics software. Last October, Carrier Global Corp. teamed up with Amazon Web Services Inc. to co-develop a cloud analytics platform aimed at enabling companies shipping perishable goods to increase the efficiency of their delivery operations. 

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