Freight intelligence platform GenLogs announced Monday it has closed a $14.6 million Series A funding round led by Venrock and HOF Capital to continue building out solutions utilizing the company’s sensor network tracking assets across the United States.
Steel Atlas, AutoTech Ventures, Venture 53, TitletownTech, Plug and Play Ventures and Heartland Ventures also participated in the round. The company has raised $21 million since 2023.
GenLogs’ technology uses roadside sensors and cameras to collect data on trucks and trailers, applying methodology inspired by counterterrorism operations to monitor equipment trends.
RELATED: GenLogs launches initiative to combat theft using counterterrorism methods
At FreightWaves’ Future of Freight Festival in November, the company launched a free investigative service to help combat freight theft, a problem that costs the industry $800 million annually. This service was made available to carriers, brokers and shippers, giving them an opportunity to submit details of stolen or missing assets.
The data keeps growing
GenLogs has seen organic growth since then, now collecting over 50,000 images of trucks every five minutes, and utilizing two years of company data and over a billion records of truck location data to help mitigate fraud and help customers find additional channels expansion.
“The GenLogs Freight Intelligence Platform is quickly becoming one of the most indispensable tools our teams are using daily to discover shippers and carriers we hadn’t known about previously. …As the brokerage landscape has become ultra-competitive, GenLogs is becoming an invaluable resource for our teams to discover new avenues for growth,” said David Broering, the president of NFI Integrated Logistics, in the release.
According to the company, it has significantly outpaced the Federal Motor Carrier Safety Administration in carrier observation.
Since November 2024, while the FMCSA has inspected 136,836 carriers, GenLogs has identified nearly twice as many—264,743—through its sensor network. The company has also recorded over 500 million unique truck detections, more than 100 times the FMCSA’s 367,920 truck inspections.
“As of [Saturday], our sensor network has observed 13,029 carriers that have never had an FMCSA inspection. This is an increase of 3,000 carriers in the last week alone, thanks to new sensors in California,” Ryan Joyce, founder and CEO of GenLogs told FreightWaves.
The roadmap to Mexico
One of the company’s newest features debuted last week including insights into drayage operations and intermodal ramps. The system maps out all intermodal rail ramps across the Class I railroads in the U.S., providing freight brokers and carriers with valuable data on shippers and receivers with intermodal volumes.
With its new funds, Joyce looks forward to expanding its insights by installing sensors at key ports to track freight flows from end to end.
| Funding details | GenLogs |
|---|---|
| Funding amount | $14.6 million |
| Funding round | Series A |
| Lead investors | Venrock and HOF Capital |
| Secondary investors | Steel Atlas, AutoTech Ventures, Venture53, TitletownTech, Plug and Play Ventures, and Heartland Ventures |
| Business goals for the round | Grow the company’s sensor and camera network into U.S. ports and expand its team and technology into Mexico |
| Total funding | $21 million |
“We will then be able to track not only every truck, container and chassis coming in and out of those ports, but then with our intermodal and middle mile network insights that we’ve created, we can track end to end, understanding of how freight flows in through ports, onto rails, and ends up at a shipper,” Joyce said.
Additionally, GenLogs has set its sights on Mexico, having recently expanded its team to include Mexico-based employees.
“I’m excited to share that we’ve now expanded our headcount into Mexico, as we plan to continue to build our network, starting along the Mexican border, and then further throughout all Mexican highways as well.”
Joyce expressed his excitement to build out these new solutions alongside his new investor relationships including Venrock’s venture investor Morgan Hitzig, who has a background in counterterrorism like Joyce, and HOF Capital, a forward-thinking investor with industry expertise.
“GenLogs is in a league of its own in freight management, and this founding team made one thing abundantly clear: The sky’s the limit,” said Hitzig in the release.
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