Technology-enabled trucking company Aifleet announced Tuesday it has closed on a $16.6 million Series B round led by Tom Williams, general partner at Heron Rock.
The Austin, Texas-based carrier plans to use the funds to fuel its technology research and development, grow its operations and sales teams, and further develop scalable infrastructure, according to a news release.
“As truck utilization has trended downward since 2018, Aifleet has developed technology to mitigate the problem and the strain created by the trucker shortage, while bringing real humanity back to the driver experience,” co-founder and CEO Marc El Khoury said in a statement.
In addition to Williams, the Series B round included participation from Volvo Group Venture Capital, Obvious Ventures, Ibex Investors, Compound, Winthrop Square and Cooley.
The latest funding round brings Aifleet’s total venture capital raise to about $50 million.
The company was founded in 2020 with the goal of creating a trucking company focused on using technology to help solve issues drivers across the industry face, such as optimizing routes and scheduling, reducing cost per mile, and reducing the number of trucks on the road, El Khoury said.
Related: Aifleet raises $14M to continue improving driver utilization rates
Aifleet has 204 drivers and power units, according to the Federal Motor Carrier Safety Administration.
“We are all in on disrupting the trucking industry with our unique AI technology, and that’s leading to better outcomes for all — a better experience for drivers, a better impact on the economy, and a better impact on the environment,” El Khoury said.
Williams said Aifleet could be profitable before the end of the year.
“AiFleet uses their technology to pay drivers more, send them home more often, and reduce emissions. With this approach Aifleet is positioned to become America’s largest and most profitable truckload carrier,” Williams said in a statement.
| FUNDING DETAILS | AiFleet |
| Funding amount | $16.6 million |
| Funding round | Series B |
| Lead investor | Tom Williams, general partner at Heron Rock |
| Secondary investors | Volvo Group Venture Capital, Obvious Ventures, Ibex Investors, Compound, Winthrop Square and Cooley |
| Goal for the round | Grow its operations and sales teams, and further develop scalable infrastructure |
| Total funding | $50 million |
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