KeepTruckin raises $50 million for expansion
KeepTruckin Inc, a company Founded by a Pakistani National Shoaib Makani now raises $50 million to develop its products and services—Wall Street Journal reported.
The San Francisco-based company makes software products for the trucking industry, the company makes driver apps, software, and electronic logging devices or ELD’s that track compliance with federal limits on driving time and other data.
Trucking industry software sales are soaring because of the need to follow the rules linked to accidents and drivers fatigue. The big companies are already using ELD-type devices for years as well as fleet management software that helps companies to monitor driver data, behavior, mileage and vehicles tracking. However, all these software and apps were not common among small and medium companies.
But KeepTruckin breaks the barrier here, KeepTruckin focuses on small, medium and even individual truck drivers. The company is providing their software, apps, and services to thousands of smaller fleets which used to log their details on paper and had little access to data regarding their operations.
According to Sandy Miller, a general partner at IVP,
TRUCKING IS A HUGE MARKET WHICH IS COMPLETELY OVERLOOKED BY THE TECHNOLOGY SO FAR
In 2013, the company launched an ELD app for free, that gave a substantial boost to the company, more recently, the company has rolled out hardware and technology to help fleets audit their driver logs, track their trucks in real time, optimize the routes of their trucks and automate tasks such as Fuel-tax reporting.
According to KeepTruckin the company has a valuation of $500 million currently, the company also expects to hit $100 million annual revenue by the end of 2018.
The company’s Series C funding round, led by late-stage venture firm IVP, includes additional backing from existing investors Scale Venture Partners, Index Ventures and Google Ventures. The company raised $18 million in Series B funding in 2017 after taking in $8 million in a Series A round in 2015 and $2.3 million in seed funding in 2013.
KeepTruckin plans to bring in more innovation to the products and services such as building video-monitoring feature which is under development currently, the feature would allow to provide feedback on driver’s driving, KeepTrukin is also working on a marketplace where real-time information regarding carriers, available cargo loads, driver locations and preferred routes would be integrated.
Makani’s vision and future planning reflect clearly in a statement, “We want to work with brokers and shippers to bring those loads to our drivers in a really targeted way,” we know where the drivers are, how much time they need to drive and their historical lane preferences.”
From the statement it seems, the company might become an innovative, independent and flexible logistics company which works in a very different, independent and innovative way.
The company is expecting to have 400,000 trucks using their technology by the end of 2018. In January, it announced an agreement with freight broker Coyote Logistics,
Mr. Makani said, the company has added support staff and expanded server capacity “by about five in order to handle what we anticipate will be a very substantial spike on April 1,” when full enforcement of the rule is scheduled to begin and vehicles without the devices may be removed from the road.
Digital marketing enthusiast and industry professional in Digital technologies, Technology News, Mobile phones, software, gadgets with vast experience in the tech industry, I have a keen interest in technology, News breaking.
