Technology Firm Project44 Raises $35 Million in New Funding Round
Logistics technology firm project44 announced April 17 it raised $35 million in a new funding round led by OpenView Venture Partners.
Also participating in the funding are 8VC, Emergence Capital, Omidyar Technology Ventures, Chicago Ventures and Pritzker Group Venture Capital.
Customers of project44
- GE Transportation
- Echo Global Logistics
- Worldwide Express
- Schneider Logistics
- GlobalTranz
Chicago-based project44 provides digital links among shippers, carriers and third-party logistics companies. It seeks to automate six parts of the shipping process: pricing, routing, scheduling, tracking, delivery documentation and payment.
The company reports its North American coverage includes truckload, less-than-truckload and volume LTL in addition to rail and parcel shipments. Customers include GE Transportation, Echo Global Logistics, Worldwide Express, Schneider Logistics and GlobalTranz.
Jennifer Schopfer, vice president of GE Transportation Transport Logistics, said the firm uses project44 technology to “seamlessly and instantly connect transportation data from railroad networks, yards, intermodal terminals and maritime ports into a single transportation management workflow.”
After the funding round, project44 announced it would move into a 40,000-square-foot space in Chicago’s Merchandise Mart building with plans to hire 200 new staff by November 2019.
Earlier in April, venture capital firm 8VC and diversified truckload carrier Schneider announced a technology partnership along with an investment in Platform Science, a provider of Internet of Things-connected ecosystem, in this case using vehicles. San Francisco-based 8VC manages more than $1.5 billion. — Transport Topics
