The Aifleet Inc., a startup providing artificial intelligence technology for trucking, announced today that it has raised $16.6 million in new funding to fuel its technology research and development and scale up its infrastructure and processes.
Founded in 2020, aifleet offers an AI and technology suite designed to improve the trucking industry by optimizing routes and load planning in real time. The aim is to make scheduling more efficient, reduce cost per mile and sustainably reduce the number of trucks needed on the road.
Aifleet claims its technology treats drivers better and help them be well paid through the provision of reliable scheduling that can generate more revenue per truck and reduce wait times. In the company’s words, the tech offers “better pay and better experience for our hard-working drivers.”
“The Full Truckload Market Size is $400 billion, but it’s a massively inefficient and fragmented market with half a million carriers, where even the biggest has less than 1% of the market,” said Marc El Khoury, co-founder and chief executive officer of aifleet. “As truck utilization has trended downward since 2018, aifleet has developed technology to mitigate the utilization problem and the strain created by the trucker shortage and to radically improve trucking efficiencies while bringing real humanity back to the driver experience.”
The company claims to be able to generate over 40% higher utilization than the industry average, driving a fivefold increase in operating profit compared to big carriers. The company’s AI manages 20 quintillion permutations per truck per week, equaling 250,000 loads per week and $20 billion in orders per year.
The Series B round was led by Tom Williams at Heron Rock Fund LP, with Volvo Group Venture Capital AB, Obvious Ventures, Ibex Investors, Compound,vc, Winthrop Square Capital and Cooley LLP also participating. Including the new funding, aifleet has raised nearly $50 million to date.
“AIfleet is positioned to become America’s largest and most profitable truckload carrier,” said lead investor Tom Williams. “In just four short years, AIfleet’s powerful AI algorithms and proprietary tech stack deployed across every aspect of carrier operations have far exceeded what we even thought was possible when first investing.”