Fleet management technology provider KeepTruckin says the company saw fast business growth during the pandemic-accelerated digital transformation and has now landed $190 million in new funding that extend that momentum.
The “series E” venture capital round comes from G2 Venture Partners, Index Ventures, Greenoaks, IVP, Scale Venture Partners, funds managed by BlackRock, and several other investors. The San Francisco-based firm says the round values KeepTruckin at over $2 billion, which is well over the $1 billion threshold known by tech startups as “unicorn status.”
Other logistics sector firms to hit that mark recently include the delivery and fulfillment cloud platform provider Bringg, autonomous mobile robot (AMR) vendor Locus Robotics, and self-driving truck technology provider Plus.
KeepTruckin says it offers customers one source for everything they need to manage their fleets, equipping users with a package of hardware and software that manages video-based driver safety, global positioning system (GPS) tracking, electronic logging device (ELD) compliance, vehicle maintenance, and fuel spend management.
Investors said they are backing the firm because of its vision to use those services “to fundamentally improve the safety and sustainability of commercial vehicles through novel hardware and software,” Zach Barasz, partner at G2 Venture Partners, said in a blog post. “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.”
KeepTruckin plans to spend its new capital 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, the company said.
In previous signs of its expansion of technology services, KeepTruckin in 2020 launched a “smart load board” that connects its network of truck drivers with an array of freight brokers, and in 2019 landed a $149 million venture capital investment.
JUST IN: KeepTruckin Raises $190 Million in New Capital. Investments in advanced AI-powered products, world-class talent & rapid expansion into new markets fuel the company’s annualized growth rate of 70% YOY MORE: https://t.co/RIgtP815aN #funding #hiring #artificialintelligence— KeepTruckin (@KeepTruckinInc) June 17, 2021