Strengths
- CB Insights and financing snippets support private-unicorn status above $1B.
- Public snippets support the $202M 2021 and $420M 2022 financing events.
- Leadership page verifies founder-CEO Jett McCandless and named executives.
Diligence report
project44
project44 Startup Diligence Report
project44 could be a category-scale enterprise logistics software asset if its carrier/event network and Decision Intelligence products translate into durable ARR and retention; public evidence supports scale claims more than quality of revenue, margins or defensible AI economics.
Company profile
project44 Startup Diligence Report
Eligible public unicorn report: project44 has credible public unicorn and financing evidence and a large supply-chain visibility platform narrative, but the investability question turns on private financial quality, customer concentration, data-network durability, AI proof and legal/IP review.
- Website
- www.project44.com
- Sector
- Enterprise supply-chain visibility and decision intelligence software
- Geography
- United States; headquartered in Chicago with global network claims
- Stage
- Private unicorn / growth-stage enterprise software
- Known aliases
- project44, Project44, p44, Movement by project44
- Report version
- 1.0
- Timezone
- America/Chicago
Executive summary
Risks
- Financial opacity and stale valuation risk remain high without financials, cap table and current marks.
- Network data quality and integration dependency could undermine platform value if active coverage is overstated.
- AI-agent and ROI claims may outpace adoption, accuracy and measurable customer proof.
- Competitive litigation/IP disputes need counsel-led review.
Gaps
- Audited and management financials, ARR bridge, churn, NRR, CAC and gross margin
- Current cap table, debt, liquidation preferences and secondary share transactions
- Top-customer revenue concentration, contracts, SLAs and reference calls
- Data coverage, uptime, API/event quality and carrier active-status definitions
- AI model governance, product adoption and ROI methodology
- Counsel-reviewed litigation/IP/regulatory docket analysis
Risk register
R-001: Financial opacity and stale valuation risk
Public sources disclose funding and selective ARR/headcount claims, but not audited financials, burn, margins, retention, debt or valuation changes after 2022.
Diligence request: Request audited/management financials, ARR bridge, gross margin by product, cash runway, debt instruments and valuation marks.
R-002: Network data quality and integration dependency
The value proposition depends on carrier, telematics, API and event data quality at global scale; public metrics do not prove active coverage or data accuracy.
Diligence request: Review data-quality dashboards, uptime, coverage by lane, contractual data rights and customer escalations.
R-003: AI-agent and ROI claims may outpace proof
Autopilot and Decision Intelligence claims are strong but require proof of adoption, model performance, human oversight and repeatable economics.
Diligence request: Request product analytics, AI evaluation methodology, customer references and roadmap delivery milestones.
R-006: Customer concentration and ROI representativeness unknown
Public customer outcomes are selective and do not disclose revenue concentration, churn, NRR or performance distribution.
Diligence request: Request top-customer revenue, cohorts, churn, NRR, contract terms and reference calls.
R-004: Competitive litigation and IP dispute exposure
Public snippets identify competitor disputes involving FourKites, MyCarrier and SMC3; litigation can create cost, distraction and reputational risk.
Diligence request: Run counsel-led docket review, pleadings analysis, reserve assessment and IP-ownership review.
R-005: Security, privacy and cross-border data exposure
Global logistics data flows and customer integrations heighten privacy, cybersecurity and vendor-risk exposure despite public certification claims.
Diligence request: Verify SOC 2/ISO scopes, data map, subprocessors, breach history and privacy impact assessments.
R-007: Freight-cycle and logistics budget cyclicality
Supply-chain software budgets can be pressured by freight downturns, margin compression and shipper cost-reduction cycles.
Diligence request: Stress-test plan against freight volumes, customer budgets and price pressure.
R-008: Founder/key-person and leadership-turnover opacity
A founder-led company depends on executive continuity, but board, compensation, succession and turnover data are not public.
Diligence request: Review org chart, retention plans, executive churn and succession documents.
01Financial Information
Public evidence supports project44 as a private unicorn with major 2021 and 2022 financings, but current financial quality, cap table, burn, debt and valuation marks are not publicly verifiable.
I.A Annual and quarterly financial information for the past three years
partially verified confidence: medium
Public sources cite $100M+ ARR in 2022 but do not include financial statements, margins, working capital or cash flows.
Evidence gaps
- Income statements, balance sheets, cash flows, ARR bridge, deferred revenue and AR aging are not public.
Hidden risks
- Private documents may reveal economics, obligations, concentration or compliance exposure not visible in public materials.
Follow-up questions
- Provide source documents, KPI definitions and responsible-owner explanations for this diligence section.
| metric | public signal | verification status | private data request |
|---|---|---|---|
| ARR | $100M+ ARR cited in 2022 financing snippets | partially_verified | ARR bridge, bookings, NRR, churn and revenue recognition policy |
| Gross margin / contribution margin | not publicly disclosed | not_publicly_verifiable | Product-level gross margin, cloud/data costs and support costs |
| Cash burn / runway | not publicly disclosed | not_publicly_verifiable | Monthly burn, cash balance, debt and covenant schedule |
I.B Financial Projections
not publicly verifiable confidence: medium
project44 has limited public disclosure for financial projections; public sources support directional diligence findings but private records are required for investment-grade verification.
Evidence gaps
- Audited financials, board materials, contracts, detailed KPIs and counsel-reviewed records are not publicly available.
Hidden risks
- Private documents may reveal economics, obligations, concentration or compliance exposure not visible in public materials.
Follow-up questions
- Provide source documents, KPI definitions and responsible-owner explanations for this diligence section.
I.C Capital Structure
partially verified confidence: medium
Financing announcements and CB Insights support unicorn status, but current capital structure and investor rights are not public.
Evidence gaps
- Audited financials, board materials, contracts, detailed KPIs and counsel-reviewed records are not publicly available.
Hidden risks
- Private documents may reveal economics, obligations, concentration or compliance exposure not visible in public materials.
Follow-up questions
- Provide source documents, KPI definitions and responsible-owner explanations for this diligence section.
| stakeholder | public position | diligence caveat |
|---|---|---|
| Thoma Bravo / TPG / Goldman Sachs | Led or participated in 2022 $420M investment | Ownership percentage, security class and preferences not public |
| Emergence, Insight, Chicago Ventures, Generation, Sapphire, Sozo | Named participants in funding snippets | Current holdings and pro-rata rights not public |
| Founders, employees and option holders | Founder leadership public | Fully diluted ownership, option pool and vesting not public |
I.D Other financial information
not publicly verifiable confidence: medium
project44 has limited public disclosure for other financial information; public sources support directional diligence findings but private records are required for investment-grade verification.
Evidence gaps
- Audited financials, board materials, contracts, detailed KPIs and counsel-reviewed records are not publicly available.
Hidden risks
- Private documents may reveal economics, obligations, concentration or compliance exposure not visible in public materials.
Follow-up questions
- Provide source documents, KPI definitions and responsible-owner explanations for this diligence section.
| date | round or event | amount | valuation signal | lead or participants | verification status |
|---|---|---|---|---|---|
| 2021-06-01 | Series E | $202M | $1.2B | Goldman Sachs Asset Management, Emergence Capital and existing investors | verified |
| 2022-01-11 | Growth investment | $420M | $2.2B pre-money | Thoma Bravo, TPG, Goldman Sachs and others | verified |
| latest public list | CB Insights unicorn row | not disclosed | $2.62B | Emergence, 8VC, Chicago Ventures listed in candidate row | partially_verified |
02Products
Public product pages position Movement and Autopilot as decision-intelligence logistics software, while pricing, module adoption, AI performance and implementation economics require private validation.
II.A Description of each product
partially verified confidence: medium
Movement, visibility workflows and Autopilot are publicly described; diligence should test adoption, pricing and ROI proof.
Evidence gaps
- Audited financials, board materials, contracts, detailed KPIs and counsel-reviewed records are not publicly available.
Hidden risks
- Private documents may reveal economics, obligations, concentration or compliance exposure not visible in public materials.
Follow-up questions
- Provide source documents, KPI definitions and responsible-owner explanations for this diligence section.
| product or module | audience | public evidence | risk or gap |
|---|---|---|---|
| Movement Decision Intelligence Platform | Shippers and logistics teams | Core platform positioning | Module attach and usage metrics needed |
| Visibility / TMS / yard / ecommerce workflows | Supply-chain operators | Company product navigation and platform page | Pricing and SKU packaging not public |
| Autopilot AI agents | Logistics planners and operators | 2026 launch announcement | AI accuracy, adoption and ROI unverified |
| item | public evidence | verification status | follow up |
|---|---|---|---|
| Enterprise subscription pricing | not listed publicly | not_publicly_verifiable | Request pricing book, discount policy and renewal cohorts |
| Implementation and integration services | Integrations are prominent, but services pricing not public | not_publicly_verifiable | Request professional-services margin and implementation backlog |
| AI-agent packaging | Autopilot product launch public | partially_verified | Request SKU terms, usage pricing and pilot-to-paid conversion |
03Customer Information
project44 publishes large network, customer and outcome metrics, but active coverage, customer concentration, churn and contractual revenue quality remain non-public.
III.A Top customers by application
partially verified confidence: medium
Customer outcome examples are publicly claimed but customer concentration and representativeness are not public.
Evidence gaps
- Audited financials, board materials, contracts, detailed KPIs and counsel-reviewed records are not publicly available.
Hidden risks
- Private documents may reveal economics, obligations, concentration or compliance exposure not visible in public materials.
Follow-up questions
- Provide source documents, KPI definitions and responsible-owner explanations for this diligence section.
| customer or metric | public evidence | verification status | diligence request |
|---|---|---|---|
| Cost reduction | 30% cost reduction and $12M annual savings examples | partially_verified | Validate baseline, period and attribution with customers |
| Exception resolution and delivery improvements | 85% faster exception resolution and 40% on-time delivery improvement examples | partially_verified | Review case studies and raw KPI exports |
| Damage/demurrage or gate wait outcomes | 99% D&D reduction and 86% gate wait reduction examples | partially_verified | Confirm scope and recurrence |
III.B Strategic relationships
partially verified confidence: medium
Carrier, telematics and API ecosystem claims are core to the moat and require active-quality reconciliation.
Evidence gaps
- Audited financials, board materials, contracts, detailed KPIs and counsel-reviewed records are not publicly available.
Hidden risks
- Private documents may reveal economics, obligations, concentration or compliance exposure not visible in public materials.
Follow-up questions
- Provide source documents, KPI definitions and responsible-owner explanations for this diligence section.
III.C Revenue by customer
not publicly verifiable confidence: medium
project44 has limited public disclosure for revenue by customer; public sources support directional diligence findings but private records are required for investment-grade verification.
Evidence gaps
- Audited financials, board materials, contracts, detailed KPIs and counsel-reviewed records are not publicly available.
Hidden risks
- Private documents may reveal economics, obligations, concentration or compliance exposure not visible in public materials.
Follow-up questions
- Provide source documents, KPI definitions and responsible-owner explanations for this diligence section.
III.D Significant relationships severed within the last two years
not publicly verifiable confidence: medium
project44 has limited public disclosure for significant relationships severed within the last two years; public sources support directional diligence findings but private records are required for investment-grade verification.
Evidence gaps
- Audited financials, board materials, contracts, detailed KPIs and counsel-reviewed records are not publicly available.
Hidden risks
- Private documents may reveal economics, obligations, concentration or compliance exposure not visible in public materials.
Follow-up questions
- Provide source documents, KPI definitions and responsible-owner explanations for this diligence section.
III.E Top suppliers
not publicly verifiable confidence: medium
project44 has limited public disclosure for top suppliers; public sources support directional diligence findings but private records are required for investment-grade verification.
Evidence gaps
- Audited financials, board materials, contracts, detailed KPIs and counsel-reviewed records are not publicly available.
Hidden risks
- Private documents may reveal economics, obligations, concentration or compliance exposure not visible in public materials.
Follow-up questions
- Provide source documents, KPI definitions and responsible-owner explanations for this diligence section.
| dependency | public signal | risk | private data request |
|---|---|---|---|
| Carriers | 240K to 259K carrier figures in public sources | Active/quality-adjusted coverage may differ | Active carrier count by mode and geography |
| Telematics/API/EDI integrations | 5K APIs and 1,400+ telematics integrations cited in company pages | Integration reliability and partner terms unknown | SLA, uptime and renewal data |
| Global event data | 700M logistics events/day and 186 countries in Autopilot press release | Data rights and privacy obligations | Data map, source contracts and privacy assessments |
04Competition
The company competes in an intense supply-chain visibility market where data network breadth, enterprise trust, product breadth and AI proof must be tested against direct and suite competitors.
IV.A Competitive landscape by market segment
not publicly verifiable confidence: medium
project44 has limited public disclosure for competitive landscape by market segment; public sources support directional diligence findings but private records are required for investment-grade verification.
Evidence gaps
- Audited financials, board materials, contracts, detailed KPIs and counsel-reviewed records are not publicly available.
Hidden risks
- Private documents may reveal economics, obligations, concentration or compliance exposure not visible in public materials.
Follow-up questions
- Provide source documents, KPI definitions and responsible-owner explanations for this diligence section.
| company | segment | product overlap | differentiator | risk |
|---|---|---|---|---|
| project44 | Supply-chain visibility and decision intelligence | Target company | Large carrier/event network and Movement platform | Must prove AI and ROI at scale |
| FourKites | Supply-chain visibility | High | Direct competitor with public litigation history | Feature and relationship competition |
| Descartes / E2open / Transporeon-style suites | Enterprise logistics software | Medium to high | Broader suites or existing enterprise footprints | Bundling and pricing pressure |
| In-house shipper integrations | Custom data platforms | Medium | Customer-specific control | Large shippers may build or consolidate |
| axis | project44 public position | diligence test |
|---|---|---|
| Network coverage | Claims carriers, countries, APIs, telematics and event scale | Coverage quality by lane and customer |
| Decision intelligence / AI | Autopilot AI-agent launch and ROI claims | Model evaluation, adoption and human-in-the-loop controls |
| Enterprise trust | SOC 2, ISO 27001, GDPR claims | Report scopes, exceptions and incident history |
05Marketing, Sales, and Distribution
GTM appears enterprise-led with public case-study and product-launch marketing, but pipeline, CAC, sales productivity and channel attribution are not public.
V.A Strategy and implementation
not publicly verifiable confidence: medium
project44 has limited public disclosure for strategy and implementation; public sources support directional diligence findings but private records are required for investment-grade verification.
Evidence gaps
- Audited financials, board materials, contracts, detailed KPIs and counsel-reviewed records are not publicly available.
Hidden risks
- Private documents may reveal economics, obligations, concentration or compliance exposure not visible in public materials.
Follow-up questions
- Provide source documents, KPI definitions and responsible-owner explanations for this diligence section.
| channel | public evidence | gap |
|---|---|---|
| Enterprise direct sales | Leadership includes Chief Revenue Officer; enterprise customer logos/outcomes public | Sales productivity, quota and pipeline not public |
| Partner/carrier ecosystem | Carrier page, telematics/API/EDI connections and network participation | Partner-sourced revenue and incentives not public |
| Thought leadership / product PR | Autopilot launch and security/product pages | CAC and conversion by channel not public |
V.B Major Customers
not publicly verifiable confidence: medium
project44 has limited public disclosure for major customers; public sources support directional diligence findings but private records are required for investment-grade verification.
Evidence gaps
- Audited financials, board materials, contracts, detailed KPIs and counsel-reviewed records are not publicly available.
Hidden risks
- Private documents may reveal economics, obligations, concentration or compliance exposure not visible in public materials.
Follow-up questions
- Provide source documents, KPI definitions and responsible-owner explanations for this diligence section.
V.C Principal avenues for generating new business
not publicly verifiable confidence: medium
project44 has limited public disclosure for principal avenues for generating new business; public sources support directional diligence findings but private records are required for investment-grade verification.
Evidence gaps
- Audited financials, board materials, contracts, detailed KPIs and counsel-reviewed records are not publicly available.
Hidden risks
- Private documents may reveal economics, obligations, concentration or compliance exposure not visible in public materials.
Follow-up questions
- Provide source documents, KPI definitions and responsible-owner explanations for this diligence section.
| signal | evidence | diligence caveat |
|---|---|---|
| Named outcomes | Savings and service-improvement metrics on website | Selective case-study bias |
| Analyst/award mentions | About page references awards and Gartner Peer Insights | Need third-party reports and category ranking |
| AI launch messaging | Autopilot press release | Pipeline and close rates unknown |
V.D Sales force productivity model
not publicly verifiable confidence: medium
project44 has limited public disclosure for sales force productivity model; public sources support directional diligence findings but private records are required for investment-grade verification.
Evidence gaps
- Audited financials, board materials, contracts, detailed KPIs and counsel-reviewed records are not publicly available.
Hidden risks
- Private documents may reveal economics, obligations, concentration or compliance exposure not visible in public materials.
Follow-up questions
- Provide source documents, KPI definitions and responsible-owner explanations for this diligence section.
V.E Ability to implement marketing plan with current and projected budgets
not publicly verifiable confidence: medium
project44 has limited public disclosure for ability to implement marketing plan with current and projected budgets; public sources support directional diligence findings but private records are required for investment-grade verification.
Evidence gaps
- Audited financials, board materials, contracts, detailed KPIs and counsel-reviewed records are not publicly available.
Hidden risks
- Private documents may reveal economics, obligations, concentration or compliance exposure not visible in public materials.
Follow-up questions
- Provide source documents, KPI definitions and responsible-owner explanations for this diligence section.
06Research and Development
R&D diligence should focus on data platform reliability, integration scalability, AI-agent governance and roadmap execution beyond public launch claims.
VI.A Description of R&D organization
not publicly verifiable confidence: medium
project44 has limited public disclosure for description of r&d organization; public sources support directional diligence findings but private records are required for investment-grade verification.
Evidence gaps
- Audited financials, board materials, contracts, detailed KPIs and counsel-reviewed records are not publicly available.
Hidden risks
- Private documents may reveal economics, obligations, concentration or compliance exposure not visible in public materials.
Follow-up questions
- Provide source documents, KPI definitions and responsible-owner explanations for this diligence section.
| area | public evidence | verification status | diligence request |
|---|---|---|---|
| Product leadership | Mark Strassman listed as Chief Product Officer | verified | Request product/engineering org chart and roadmap ownership |
| Data and integrations | Public carrier/API/telematics integration claims | partially_verified | Request architecture diagrams, reliability KPIs and data-quality dashboards |
| AI-agent development | Autopilot AI-agent launch | partially_verified | Request AI governance, evaluation sets, incident logs and customer pilot results |
VI.B New Product Pipeline
not publicly verifiable confidence: medium
project44 has limited public disclosure for new product pipeline; public sources support directional diligence findings but private records are required for investment-grade verification.
Evidence gaps
- Audited financials, board materials, contracts, detailed KPIs and counsel-reviewed records are not publicly available.
Hidden risks
- Private documents may reveal economics, obligations, concentration or compliance exposure not visible in public materials.
Follow-up questions
- Provide source documents, KPI definitions and responsible-owner explanations for this diligence section.
| project | status | public evidence | private validation needed |
|---|---|---|---|
| Autopilot AI agents | Launched publicly in 2026 | Press release with claimed outcomes | Roadmap, pilots, accuracy and governance |
| Data platform / integrations | Core ongoing capability | Platform and carrier integration claims | Architecture, technical debt and reliability |
| Decision intelligence workflows | Commercial positioning | Movement platform pages | Customer adoption by workflow |
07Management and Personnel
Leadership is publicly identifiable and founder-led, but full organization, headcount trend, compensation, retention and turnover data require private documents.
VII.A Organization Chart
not publicly verifiable confidence: medium
project44 has limited public disclosure for organization chart; public sources support directional diligence findings but private records are required for investment-grade verification.
Evidence gaps
- Audited financials, board materials, contracts, detailed KPIs and counsel-reviewed records are not publicly available.
Hidden risks
- Private documents may reveal economics, obligations, concentration or compliance exposure not visible in public materials.
Follow-up questions
- Provide source documents, KPI definitions and responsible-owner explanations for this diligence section.
VII.B Historical and projected headcount by function and location
not publicly verifiable confidence: medium
project44 has limited public disclosure for historical and projected headcount by function and location; public sources support directional diligence findings but private records are required for investment-grade verification.
Evidence gaps
- Audited financials, board materials, contracts, detailed KPIs and counsel-reviewed records are not publicly available.
Hidden risks
- Private documents may reveal economics, obligations, concentration or compliance exposure not visible in public materials.
Follow-up questions
- Provide source documents, KPI definitions and responsible-owner explanations for this diligence section.
| metric | public signal | verification status | request |
|---|---|---|---|
| Team members | 1,000+ team members in 2022 funding snippets | partially_verified | Monthly headcount by function/location since 2022 |
| Leadership functions | Legal/people/risk, revenue, strategy, product and marketing leaders listed | verified | Full org chart and reporting lines |
| Turnover | not publicly disclosed | not_publicly_verifiable | Executive and employee turnover, regretted attrition and hiring plan |
VII.C Senior management biographies
not publicly verifiable confidence: medium
project44 has limited public disclosure for senior management biographies; public sources support directional diligence findings but private records are required for investment-grade verification.
Evidence gaps
- Audited financials, board materials, contracts, detailed KPIs and counsel-reviewed records are not publicly available.
Hidden risks
- Private documents may reveal economics, obligations, concentration or compliance exposure not visible in public materials.
Follow-up questions
- Provide source documents, KPI definitions and responsible-owner explanations for this diligence section.
| name | role | public source | diligence caveat |
|---|---|---|---|
| Jett McCandless | Founder and CEO | project44 leadership page | Key-person retention and board oversight needed |
| Jennifer Coyne | Chief Legal, People & Risk Officer | project44 leadership page | Legal/risk function resourcing not public |
| Rick Turco | Chief Revenue Officer | project44 leadership page | Sales productivity and turnover not public |
| Jonathan Scherr / Mark Strassman / Brian Cooper | Strategy & Operations / Product / Marketing leadership | project44 leadership page | Full org chart and succession plan not public |
VII.D Compensation arrangements
not publicly verifiable confidence: medium
project44 has limited public disclosure for compensation arrangements; public sources support directional diligence findings but private records are required for investment-grade verification.
Evidence gaps
- Audited financials, board materials, contracts, detailed KPIs and counsel-reviewed records are not publicly available.
Hidden risks
- Private documents may reveal economics, obligations, concentration or compliance exposure not visible in public materials.
Follow-up questions
- Provide source documents, KPI definitions and responsible-owner explanations for this diligence section.
VII.E Incentive stock plans
not publicly verifiable confidence: medium
project44 has limited public disclosure for incentive stock plans; public sources support directional diligence findings but private records are required for investment-grade verification.
Evidence gaps
- Audited financials, board materials, contracts, detailed KPIs and counsel-reviewed records are not publicly available.
Hidden risks
- Private documents may reveal economics, obligations, concentration or compliance exposure not visible in public materials.
Follow-up questions
- Provide source documents, KPI definitions and responsible-owner explanations for this diligence section.
VII.F Significant employee relations problems, past or present
not publicly verifiable confidence: medium
project44 has limited public disclosure for significant employee relations problems, past or present; public sources support directional diligence findings but private records are required for investment-grade verification.
Evidence gaps
- Audited financials, board materials, contracts, detailed KPIs and counsel-reviewed records are not publicly available.
Hidden risks
- Private documents may reveal economics, obligations, concentration or compliance exposure not visible in public materials.
Follow-up questions
- Provide source documents, KPI definitions and responsible-owner explanations for this diligence section.
VII.G Personnel Turnover
not publicly verifiable confidence: medium
project44 has limited public disclosure for personnel turnover; public sources support directional diligence findings but private records are required for investment-grade verification.
Evidence gaps
- Audited financials, board materials, contracts, detailed KPIs and counsel-reviewed records are not publicly available.
Hidden risks
- Private documents may reveal economics, obligations, concentration or compliance exposure not visible in public materials.
Follow-up questions
- Provide source documents, KPI definitions and responsible-owner explanations for this diligence section.
08Legal and Related Matters
Security certifications are publicly claimed and litigation/IP disputes are visible in public snippets; counsel-led docket, IP, regulatory and contract review is required.
VIII.A Pending lawsuits against the Company
partially verified confidence: medium
Public snippets identify material competitor litigation involving FourKites and IP-related matters involving MyCarrier/SMC3.
Evidence gaps
- Audited financials, board materials, contracts, detailed KPIs and counsel-reviewed records are not publicly available.
Hidden risks
- Private documents may reveal economics, obligations, concentration or compliance exposure not visible in public materials.
Follow-up questions
- Provide source documents, KPI definitions and responsible-owner explanations for this diligence section.
| matter | role | public signal | status or gap |
|---|---|---|---|
| project44 v. FourKites | project44 as plaintiff | Illinois Supreme Court ruling allowed defamation publication theory to proceed | Need docket, damages and current status |
| MyCarrier / SMC3 IP dispute | project44 as plaintiff in reported IP-related actions | Search snippets report theft-of-IP allegations against SMC3 | Need pleadings, claims, defenses and exposure |
| Regulatory agency actions | company | No material regulatory enforcement found in limited sweep | Need counsel/regulatory search |
VIII.B Pending lawsuits initiated by Company
not publicly verifiable confidence: medium
project44 has limited public disclosure for pending lawsuits initiated by company; public sources support directional diligence findings but private records are required for investment-grade verification.
Evidence gaps
- Audited financials, board materials, contracts, detailed KPIs and counsel-reviewed records are not publicly available.
Hidden risks
- Private documents may reveal economics, obligations, concentration or compliance exposure not visible in public materials.
Follow-up questions
- Provide source documents, KPI definitions and responsible-owner explanations for this diligence section.
VIII.C Environmental and employee safety issues and liabilities
not publicly verifiable confidence: medium
project44 has limited public disclosure for environmental and employee safety issues and liabilities; public sources support directional diligence findings but private records are required for investment-grade verification.
Evidence gaps
- Audited financials, board materials, contracts, detailed KPIs and counsel-reviewed records are not publicly available.
Hidden risks
- Private documents may reveal economics, obligations, concentration or compliance exposure not visible in public materials.
Follow-up questions
- Provide source documents, KPI definitions and responsible-owner explanations for this diligence section.
VIII.D Material patents, copyrights, licenses, and trademarks
not publicly verifiable confidence: medium
project44 has limited public disclosure for material patents, copyrights, licenses, and trademarks; public sources support directional diligence findings but private records are required for investment-grade verification.
Evidence gaps
- Audited financials, board materials, contracts, detailed KPIs and counsel-reviewed records are not publicly available.
Hidden risks
- Private documents may reveal economics, obligations, concentration or compliance exposure not visible in public materials.
Follow-up questions
- Provide source documents, KPI definitions and responsible-owner explanations for this diligence section.
VIII.E Insurance coverage and material exposures
not publicly verifiable confidence: medium
project44 has limited public disclosure for insurance coverage and material exposures; public sources support directional diligence findings but private records are required for investment-grade verification.
Evidence gaps
- Audited financials, board materials, contracts, detailed KPIs and counsel-reviewed records are not publicly available.
Hidden risks
- Private documents may reveal economics, obligations, concentration or compliance exposure not visible in public materials.
Follow-up questions
- Provide source documents, KPI definitions and responsible-owner explanations for this diligence section.
VIII.F Material contracts
not publicly verifiable confidence: medium
project44 has limited public disclosure for material contracts; public sources support directional diligence findings but private records are required for investment-grade verification.
Evidence gaps
- Audited financials, board materials, contracts, detailed KPIs and counsel-reviewed records are not publicly available.
Hidden risks
- Private documents may reveal economics, obligations, concentration or compliance exposure not visible in public materials.
Follow-up questions
- Provide source documents, KPI definitions and responsible-owner explanations for this diligence section.
VIII.G Regulatory agency problems
partially verified confidence: medium
Security page claims SOC 2 Type 2, ISO 27001 and GDPR practices; reports and exceptions were not reviewed.
Evidence gaps
- Audited financials, board materials, contracts, detailed KPIs and counsel-reviewed records are not publicly available.
Hidden risks
- Private documents may reveal economics, obligations, concentration or compliance exposure not visible in public materials.
Follow-up questions
- Provide source documents, KPI definitions and responsible-owner explanations for this diligence section.
| area | public evidence | risk | request |
|---|---|---|---|
| Security certifications | SOC 2 Type 2, annual audit and ISO 27001 claims | Scope/exceptions unknown | SOC/ISO reports and exception remediation |
| Privacy and cross-border data | GDPR/privacy claims on security page | Data-processing and subprocessor obligations | DPA, subprocessors, data map and DPIAs |
| Material customer contracts | Not public | SLAs, indemnities and data rights may be material | Top customer contract set and SLA credits |
Evidence
| ID | Claim | Status | Sources |
|---|---|---|---|
| EC-001 | CB Insights lists project44 as an uncovered U.S. enterprise-tech unicorn with a latest known valuation around $2.62B. | verified medium | SRC-001 |
| EC-002 | project44 announced a $202M Series E in June 2021 led by Goldman Sachs Asset Management and Emergence Capital at about a $1.2B valuation. | verified high | SRC-008 |
| EC-003 | project44 announced a $420M investment in January 2022 led by Thoma Bravo, TPG and Goldman Sachs at a $2.2B pre-money valuation. | verified high | SRC-009 |
| EC-004 | project44 markets Movement as a supply-chain Decision Intelligence Platform spanning visibility, yard, TMS and ecommerce logistics workflows. | verified medium | SRC-002SRC-003 |
| EC-005 | project44 claims large-scale logistics network coverage, including over 1B to 1.5B annual shipments, 180+ countries and extensive carrier/integration reach. | partially verified medium | SRC-004SRC-005SRC-007 |
| EC-006 | project44 publishes customer outcome examples such as cost reductions, exception-resolution speed, delivery improvement and avoided costs. | partially verified medium | SRC-002SRC-003 |
| EC-007 | project44 discloses SOC 2 Type 2, ISO 27001 and GDPR/privacy program claims. | partially verified medium | SRC-006 |
| EC-008 | project44 publicly identifies Jett McCandless as Founder and CEO and lists a senior executive team across legal/risk, revenue, strategy, product and marketing. | verified high | SRC-010 |
| EC-009 | Public legal snippets identify active or recent disputes involving project44, including FourKites defamation litigation and IP litigation involving MyCarrier/SMC3. | partially verified medium | SRC-011 |
| EC-010 | Public eligibility searches did not identify a completed IPO, acquisition of project44, or shutdown; snippets describe private/pre-IPO status. | partially verified medium | SRC-012 |
| EC-011 | Carrier-network claims include over 240K carriers and more than $41B in shipper freight spend connected to the network. | partially verified medium | SRC-007 |
| EC-012 | Autopilot launch claims include AI-agent workflow and outcome expectations such as 4% freight-spend reduction and 70% manual-coordination reduction. | partially verified medium | SRC-005 |
| ID | Publisher | Title | Accessed |
|---|---|---|---|
| SRC-001 | CB Insights | The Complete List Of Unicorn Companies | 2026-05-18 |
| SRC-002 | project44 | project44 homepage | 2026-05-18 |
| SRC-003 | project44 | Movement by project44 platform page | 2026-05-18 |
| SRC-004 | project44 | About project44 | 2026-05-18 |
| SRC-005 | project44 | project44 launches Autopilot | 2026-05-18 |
| SRC-006 | project44 | project44 Trust and Security | 2026-05-18 |
| SRC-007 | project44 | project44 carrier network page | 2026-05-18 |
| SRC-008 | DuckDuckGo snippets | DuckDuckGo search: project44 $202M Series E | 2026-05-18 |
| SRC-009 | DuckDuckGo snippets | DuckDuckGo search: project44 $420M investment | 2026-05-18 |
| SRC-010 | project44 | project44 leadership page | 2026-05-18 |
| SRC-011 | DuckDuckGo snippets | DuckDuckGo legal/IP search for project44 | 2026-05-18 |
| SRC-012 | DuckDuckGo snippets | DuckDuckGo IPO/acquisition eligibility search for project44 | 2026-05-18 |
Disclaimer
This report is a public-evidence diligence snapshot, not investment advice. Important financial, legal, technical, and contractual facts remain non-public and should be verified directly with management and primary documents before any investment decision.