Dive Brief:
- project44 announced the close of a $10.5 million Series A investment of growth capital to build its SaaS (Software as a Service) application that creates a network of service APIs (Application Program Interfaces) that assist communications between supply chain partners.
- For two years, the Chicago-based company has focused on capturing the $37 billion Less-Than-Truckload (LTL) sector.
- The company is setting the stage for further growth into additional transportation areas, with an emphasis on Intermodal, Last Mile and Truckload.
Dive Insight:
Supply chain technology is in a growth spurt as warehouse automotives strive to keep up with delivery options.
project44 founders CEO Jett McCandless and President Tommy Barnes identified the need for a more efficient logistics application in the LTL industry. They sought an application that would shore up rate and transit time data to carriers, shippers and transportation management systems.
Though the supply chain industry has been reluctant to embrace technology, what we are seeing with the adoption of SaaS technologies is an opening for startups that provide solutions for supply chains facing communications issues, timeline, technology and talent strains.
