Volvo participates in $16.6 million investment in aifleet
Summary
Aifleet said it plans to use this capital boost to continue to scale its fleet, infrastructure and processes and to invest in research and development to continue to improve optimization algorithms; in technology to automate operations and back-office functions to achieve best-in-class driver to FTE ratios; and in its sales team to accelerate the transition to contract freight. As truck utilization has trended downward since 2018, aifleet has developed technology to mitigate the utilization problem to radically improve trucking efficiencies, while bringing real humanity back to the driver experience,” said Marc El Khoury, co-founder and CEO of aifleet. aifleet’s disruption of the U.S. transportation market with AI to achieve superior margins and enable consolidation creates a potential for high-value creation, and productizing the in-house solution as software as a service (SaaS) to other trucking companies will increase market impact and provide additional impact, Volvo Group added. “aifleet is addressing inefficiencies in the trucking industry in a differentiated manner, building technology and proving out its capabilities through their own fleet operations,” said Joe Darcy, investor at Volvo Group Venture Capital. “Not only are they increasing the utilization of the trucks on the road but also making sure drivers have an optimized working environment.” aifleet’s proprietary artificial intelligence and technology suite aims to improve the trucking industry by optimizing route and load planning in real time, making scheduling more efficient, reducing cost per mile and sustainably reducing the number of trucks needed on the road, while ensuring drivers are paid and treated well.