News

KeepTruckin Raises $190 Million In Funding From Numerous Investors

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.

Sponsored
Usman Aslam

A tech enthusiast, writer, researcher and strategist working on the latest technologies and making an impact. Usman has been heavily focused on building communities, empowering people through technological trends and advancements for over 3+ years including many notable names such as IEEE Region 10, TEDx, Google Developers, United Nations Programmes, Microsoft Partner Program and much more. Reach out: usman.aslam@techjuice.pk

Leave a Comment
Share
Published by
Usman Aslam

Recent Posts

Microsoft Launches AI-Powered “Support Virtual Agent” for Xbox Users

Microsoft has launched its AI-powered “Support Virtual Agent” chatbot for Xbox Insiders in the U.S.,…

5 hours ago

Musk Says Tesla Won’t Enter Smartphone Market Unless Necessary

Android Authority recently polled its users to find out if they would purchase a Tesla…

5 hours ago

Sukkur IBA Sets Seven Conditions for Conducting MDCAT

The Secretary of the Sukkur IBA Testing Agency has formally requested urgent action from the…

5 hours ago

PSEB Opens Bidding for Nationwide e-Rozgar Centers

The Pakistan Software Export Board (PSEB) has launched a nationwide program to encourage IT startups…

6 hours ago

Google Play Services Bug Disrupts Access to Apps for Pixel Users: Here’s How to Fix It

A significant issue with Google Play Services has left many Pixel users unable to access…

6 hours ago

WhatsApp Beta Partners with Google for Innovative Image Search Feature

When it comes to Android messaging apps, WhatsApp stands out as one of the best.…

6 hours ago