Project44, a logistics services firm, is on course to further develop a global network that tracks supply chains for major manufacturers and retailers.

Jett McCandless, CEO, project44

The company announced this week that it received $420 million in funding, bringing its total funding to date to more than $860 million.

Project44, whose network connects shippers and carriers across more than 165 countries, is designed with artificial intelligence and data management technology to provide visibility into worldwide shipments. The Chicago-based company—which says it was valued at $2.2 billion prior to the recent funding—will use the funding to continue its efforts to “optimize the movement of products across supply chains.”

“Today, project44 is helping companies solve supply chain challenges ranging from inflationary pressure and lockdowns to unpredictable weather and bottlenecks at ports,” says Jett McCandless, founder and CEO.

“Supply chain visibility has become increasingly important as shortages, delays and bottlenecks ramp up,” says Robert (Tre) Sayle, a partner at investment firm Thoma Bravo, which led the recent funding round. “By continuously evolving to meet customer needs, project44 has developed a  platform that adds significant value to the entire global supply chain.”

Project44 generates more than $100 million in annual recurring revenue from tracking more than 1 billion packages for a client base of more than 1,000 customers, the logistics services firm says.

Many of its client companies have a major presence in B2B and retail ecommerce. They include retailers Amazon and The Home Depot, distributor McKesson and manufacturers AbbVie, Baker Hughes, Lenovo, Nestle and Unilever.

“Project44 has enabled us to meet our commitment to customers in a year of unpredictability,” Pat Kenefick, vice president of global distribution and logistics at pharmaceutical company AbbVie, says in a project44 press release. “With awareness of where our goods are located, we can adapt to interruptions and make proactive decisions to ensure that our distributors are stocked with inventory. Supply chain visibility is a game changer for our ability to drive growth and enhance patient experiences in a challenging economic environment.”

In September, project44 paid $255 million for Convey, a carrier specializing in local “last-mile” delivery services for such companies as information technology distributor Ingram Micro, plumbing supplies distributor Ferguson, and retailers Neiman Marcus and The Home Depot.

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