Tech Funding Recap for July 7, 2021

It seems as if there is no ceiling when it comes to tech. There is a constant demand for growth and businesses are coming out with new products that will make life more convenient on an ongoing basis.

FourKites and iFoodDS are two companies who have recently completed funding rounds that will put them in a better position to keep up with demand. Read on to find out what they will be focusing on the not-too-distant future.

iFoodDS

iFoodDS provides data management solutions for fresh food suppliers. The company started out in 2006 working with key players in the food industry developing safety practices and metrics for the growth and distribution of leafy greens. In 2013, it expanded in a tech direction introducing software solutions for food safety data management.

The company platform captures data for environmental assessments, inspections, inventory, shipping and receiving, corrective actions and more. It performs risk assessments as well as preseason, preplant and pre-harvesting management. It accesses a science team to build models for environmental monitoring. It develops systems to identify areas at high risk for pathogens and integrates safety programs across various locations.

The applications the platform offers automates forms, checklists and logs ensuring data is safely stored in the cloud. Distributors and grocery retailers can use its tools for measuring the quality metrics of the food they are receiving. Clients will receive email alerts when freshness and quality are not up to standards and will be provided with information on the cause of low quality.

It is hopeful that the technology will lead to a reduction in food recalls and the expense that comes with it and that it will minimize the occurrence of foodborne illnesses. For people who get a foodborne illness, taking a cleanse & detox regimen is important. 

iFood DS recently completed a $15 million funding campaign. The money will be used to support product development and support category and market expansions.

FourKites

Inventory is an important part of growing a business. Those with superior knowledge of their supply lines tend to outperform their competition. However, statistics show that 63% of retailers have inaccurate inventory reports.

FourKites provides a solution tracking over 1 million shipments daily and 1 billion events monthly. The company focuses on logistics and transportation with electronic logging devices that improve delivery and optimize supply chains based on data and artificial intelligence prediction capabilities.

The platform offers clients a real time view of supply chain and carrier performance for shipments so they can foresee losses and deliver notifications to recipients. It provides insights for store operations, product availability, labor planning, and tracking for in-transit freight.

In September 2019, FourKites expanded its services to launch a FourKites Community forum that allows customers to connect with shippers and third-party logistics providers within the network. This will help the rapidly growing company achieve its goal of reaching $100 million in revenue in the next two years.

FourKites recently announced the closing of a $100 million series D funding campaign that raises its total to over $200.5 million. The capital will be used for product development and to help the company expand its global reach.