KeepTruckin – a fleet management technology company – announced that it has raised $190 million in new funding from G2 Venture Partners, Index Ventures, Greenoaks, IVP, Scale Venture Partners, funds managed by BlackRock, and several other leading investors.
The round values KeepTruckin at over $2 billion. The new capital will support KeepTruckin’s strategic priorities by allowing it to continue building innovative AI-powered products, recruiting top-tier talent, and scaling rapidly to meet the needs of businesses that power the physical economy.
Founded by Pakistani-American Shoaib Makani, KeepTruckin’s 400,000-strong network of connected vehicles with over 2,000 employees is one of the largest in North America. Since its inception in 2013, KeepTruckin has raised $417 million from several notable investors.
The company equips customers with cutting-edge hardware and software that leverages the latest advancements in AI and computer vision to solve a broad range of problems for businesses, including video-based driver safety, GPS tracking, ELD compliance, vehicle maintenance, and fuel spend management.
The key factors contributing to KeepTruckin’s 70 percent annualized growth since the onset of the pandemic are its rapid expansion into new market segments like construction, oil and gas, food and beverage, field services, moving and storage, and agriculture, and the pandemic-accelerated digital transformation within these industries.
“Today, more than 90,000 companies and one million drivers depend on our technology to improve the safety and efficiency of their operations,” said the CEO of KeepTruckin, Shoaib Makani.
“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,” he said.
Zach Barasz, a partner at G2 Venture Partners said, “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”.
He added, “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”.
The US has seen an impressive 50 percent year-over-year increase in the number of trucking registrations since March 2020, majorly due to the unprecedented growth in e-commerce and shift in consumer spending.
The orders for heavy-duty trucks had surged in the same time period to a record-setting 50,000 in March 2021.
These fleet operators are frequently turning to intelligent safety platforms to take an even more proactive approach to implementing safety measures and reducing operating costs.
Usher Transport, a long-standing leader in the transportation industry, credits this proactive approach to seeing an annual reduction of 32 percent in accidents, credited to KeepTruckin’s Smart Dashcam, DRIVE risk score, and Safety Hub.
With the demand for freight at an all-time high, KeepTruckin will continue to support the industry’s growth as companies are increasingly choosing to invest in high-quality technology that assists them in protecting their drivers, better serving their customers, and increasing their profits.
Source: Pro Pakistani