With Nexxiot’s real-time asset level monitoring added to project44’s supply chain visibility platform, shippers, cargo owners and supply chain participants can better mitigate risks, gain visibility and control processes, the companies said in a Thursday (May 4) press release.
“This partnership enhances the insights of our Movement platform with essential real-time asset level tracking, benefiting everyone with the new standard in actionable insights,” project44 Founder and CEO Jett McCandless said in the release.
Nexxiot delivers its real-time asset level monitoring via precise GPS tracking, giving logistics stakeholders enhanced estimated time of arrival (ETA) data, a better understanding of order and inventory health, and opportunities to improve their management of asset efficiency, according to the press release.
The capabilities join project44’s platform that connects supply chain participants and provides end-to-end visibility, the release said.
“We are inspired by the leadership position of project44 and together keep pushing forward to create the most accurate and insightful data to the benefit of our joint customers,” Nexxiot CEO Stefan Kalmund said in the release.
As PYMNTS reported in August 2022, digital technology is helping companies in the transportation and logistics industry make the most of their trucks, trailers and other assets.
Companies are investing in digital tools to assist them with everything from aggregating freight to improving routing to providing visibility throughout the process — and they’re seeing returns on those investments.
The partnership of project44 and Nexxiot comes about six months after project44 raised $80 million in a funding round that valued the company at $2.7 billion.
McCandless said when announcing the funding round in November that the investment was due to the value the company delivers to its customers who are coping with uncertainty around supply chain disruptions, inventory costs and economic policies.
“This latest round of funding will accelerate our ability to connect all parties across the supply chain ecosystem and deliver the highest quality supply chain and emissions visibility data to our shipper, freight forwarder and LSP [logistics service provider] customers,” McCandless said at the time.