In recent news, the fleet management technology company KeepTruckin has announced that it has received investment up to $190 million from investors such as the likes of Index Ventures, Greenoaks, IVP, Scale Venture Partners, funds managed by BlackRock, and more.
This overall makes KeepTruckin to be valued at over $2 billion. Moreover, this new investment will allow the company to deploy their AI-powered products more strategically and hence leading to upscaling rapidly in order to meet the need of the consumer.
The company enables customers with the best hardware and software powered by AI and Computer Vision in order to solve a broad range of problems for business which includes ELD compliance, vehicle maintenance, GPS tracking, and more.
Moreover, due to the pandemic, the company has expanded itself into new market segments such as oil and gas, food and beverage, moving and storage, agriculture, and more. According to Shoaib Makani, CEO of Makani:
“Today, more than 90,000 companies and one million drivers depend on our technology to improve the safety and efficiency of their operations. Over the past year, our customers have grown their fleets by 21 percent, and with our Series E funding, we are now well-positioned to grow alongside them by investing in talent and technology to better serve all businesses that power the physical economy.”
In regards to the new partnership established with KeepTruckin, Zach Barasz at G2 Venture Partners stated the following:
“One of the many reasons we’re excited to partner with KeepTruckin includes the people behind the technology, especially the management team that runs the business with a clear vision to fundamentally improve the safety and sustainability of commercial vehicles through novel hardware and software”.
“We know that an inflection point is coming in this industry: the proliferation of AI-powered cameras into all commercial vehicles and KeepTruckin has the team and the highest quality products to lead the field. The opportunities for KeepTruckin are endless, and we can’t wait to see what the company cracks the code for next”.
All in all, the demand for respective freight services has skyrocketed due to the pandemic and KeepTruckin is meeting that increase in demand through the implementation of the latest technological trends.