KeepTruckin, a trucking technology provider, today announced it secured $149 million in a Series D investment led by Greenoaks Capital, with participation from existing investors IVP, GV, Index Ventures and Scale Venture Partners.
The latest round brings the company’s total funding to $228 million. KeepTruckin will use the funds to ramp up hiring, hardware investments, new partnerships and advances in machine learning.
“This additional capital allows us to move more aggressively in our growth and in our pursuit of solving problems for our customers,” said Shoaib Makani, KeepTruckin CEO and co-founder.
KeepTruckin’s basic vision is to integrate fleet management solutions, creating a seamless network between the driver, truck, trailer and cargo. After getting its start as a smartphone app helping drivers log hours of service, the San Francisco-based startup moved into the electronic logging device (ELD) business, and has continued to add technologies that improve safety and business operations for its customers.
It now offers carriers 25 integrations across 10 categories including TMS, navigation, fuel management and maintenance. The company’s hardware solutions include the KeepTruckin Smart Dashcam and expanded safety features to identify behaviors associated with critical events and educate fleets on ways to prevent them from happening.
Earlier this month KeepTruckin announced plans to launch one of the first load-matching platforms that uses data collected from ELDs to help match small-business carriers with available freight.
“KeepTruckin is building the technology that trucking companies need to compete in the modern economy,” said Neil Mehta, founder and managing partner of Greenoaks Capital, in a statement. “The network that KeepTruckin has built will enable it to change the way freight is moved on our roads.”
Drilling into the details, Makani said the company will use the additional funding to double its employee headcount to 2,000 over the next 18 months, and scale its engineering team by 100 in the next year.
Other areas of investment include a doubling down on the company’s top priority – safety. Its dashcam offering, introduced last year, has “completely changed” fleet risk profiles, Makani said, reducing insurance costs and accident frequency. Next up is a driver-facing option and an artificial intelligence video analysis enhancing drivers’ ability to monitor and assess their performance.
Another goal is to continue executing on a common request from its carrier customers – help them grow their businesses.
“The fundraise is an important milestone, but in everything we do we look at what’s best for customers, what’s best for carriers, and help them compete in the modern economy,” Makani said. “That’s the mission of the company.”
