From fleet telematics to replacing the driver altogether, tech startups are targeting opportunities across the trucking ecosystem.
While automakers have garnered a great deal of attention for self-driving passenger cars, many trucking companies have also accelerated efforts to apply connectivity and autonomous tech to commercial vehicles on the roads worldwide.
Other corporations are eyeing opportunities in the space as well, with Verizon acquiring KPCB-backed Telogis just this week to bolster its fleet management and telematics unit.
We used the CB Insights database to identify 10 companies that are working to transform the trucking and transport industry, from fleet telematics and management software to self-driving truck technology. These are 10 companies to watch in this space, in order of total disclosed funding.
SmartDrive and GreenRoad, the more mature players on this list, both provide fleet management and optimization solutions. They leverage internet of things and connected vehicle technologies to improve fuel efficiency and driver safety across commercial fleets, and are backed by “smart-money” VCs such as Founders Fund, NEA, and Benchmark Capital. (Not listed is Lytx, a leading video telematics provider that was acquired by private equity firm GTCR in February 2016 for more than $500M.)
Trucking tech companies have attracted a variety of other investors. These include trucking corporates like Daimler, logistics and automotive corporate venture capital groups such as the UPS Strategic Enterprise Fund and Volvo’s venture unit, and accelerators like TechStars and 500 Accelerator.
Another notable startup is Otto, a still-stealthy company with a team of Google, Tesla, HERE, and Cruise Automation alumni. In the vein of Cruise which works on autonomous driving tech for passenger cars, Otto is developing aftermarket kits to bring advanced driver assistance and self-driving capabilities to existing trucks.
|Company||Total Funding||Select Investors|
|SmartDrive Systems||$188M||Founders Fund, New Enterprise Associates, Revolution Ventures|
|GreenRoad Technology||$99M||Amadeus Capital Partners, Benchmark, DAG Ventures|
|Peloton Technology||$19M||Castrol innoVentures, Intel Capital, UPS Strategic Enterprise Fund, Volvo Group Venture Capital|
|KeepTruckin||$10M||Google Ventures, Index Ventures|
|Vnomics||$4M||Primary Venture Partners, Rochester Angels|
|Routific Solutions||$1M||FireStarter Fund, Pallasite Ventures, TechStars|
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This report was created with data from CB Insights’ emerging technology insights platform, which offers clarity into emerging tech and new business strategies through tools like:
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