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      Home Featured

      KeepTruckin Raises $190 Million in Series E Funding

      KeepTruckin raised $190 million in a Series E funding round, putting its valuation at over $2 billion

      by Editorial Team
      June 22, 2021
      in Featured, Funding, News-Curated
      Reading Time: 3 mins read
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      KeepTruckin Funding Series E
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      KeepTruckin is a hardware and software developer company. It helps trucking fleets manage vehicle, cargo, and driver safety. It has recently raised $190 million in a Series E funding round, which puts the company’s valuation at over $2 billion, according to CEO Shoaib Makani. KeepTruckin is the leader in fleet management technology, today announced that it has raised $190 million in new funding from G2 Venture Partners, Index Ventures, Greenoaks, IVP, Scale Venture Partners, funds managed by BlackRock, and several other leading investors. The round values the company at over $2 billion.

      It intends to invest its new capital back into its AI-powered products like its GPS tracking, ELD compliance and dispatch, and workflow, but it’s specifically interested in improving its smart dashcam, which instantly detects unsafe driving behaviors like cell phone distraction and closes following and alerts the drivers in real-time, according to Makani. 

      Co-founder and CEO Makani says, “KeepTruckin’s special sauce is that we can build complex models (that other edge cameras can’t yet run) and make it run on the edge with low-power, low-memory, and low-bandwidth constraints”. 

      The platform includes smart annotation capabilities to automatically label the different data points so the neural network can play with millions of potential situations, achieving similar performance to the edge device that’s in the field with real-world environmental conditions, according to Makani.

      KeepTruckin
      Since the pandemic, the company said it experienced 70% annualized growth, in large part due to expansion into new markets like construction, oil and gas, food and beverage, field services, moving and storage, and agriculture. KeepTruckin expects this demand to increase and intends to use the fresh funds to scale rapidly and recruit more talent that will help progress its AI systems, doubling its R&D team to 700 people globally with a focus on engineering, machine vision, data science, and other AI areas, says Makani. 

      “We think packaging these products into operator-friendly user interfaces for people who are not deeply technical is critical, so front-end and full-stack engineers with experience building incredibly intuitive mobile and web applications are also a high priority,” said Makani. 

      Much of its tech will eventually power autonomous vehicles to make roads safer, says Makani, something that’s also becoming increasingly relevant as the demand for trucking continues to outpace the supply of drivers. 

      “Level 4 and eventually level 5 autonomy will come to the trucking industry, but we are still many years away from broad deployment,” he said. “Our AI-powered dashcam is making drivers safer and helping prevent accidents today. While the promise of autonomy is real, we are working hard to help companies realize the value of this technology now.”

      KeepTruckin appInvestors said they are backing the firm because of its vision to use those services “to fundamentally improve the safety and sustainability of commercial vehicles through novel hardware and software,” Zach Barasz, partner at G2 Venture Partners, said in a blog post. “We know that an inflection point is coming in this industry: the proliferation of AI-powered cameras into all commercial vehicles and it has the team and the highest quality products to lead the field. The opportunities for KeepTruckin are endless, and we can’t wait to see what the company cracks the code for next.”

      The company plans to spend its new capital to continue building innovative AI-powered products, recruiting top-tier talent, and scaling rapidly to meet the needs of businesses that power the physical economy, the company said. The new capital will support KeepTruckin’s strategic priorities by allowing it to continue building innovative AI-powered products, recruiting top-tier talent, and scaling rapidly to meet the needs of businesses that power the physical economy.

      mm

      Editorial Team

      We at Appedus are a group of digital nomads aggregating, writing, and publishing the best of the tech news in the mobile app ecosystem. Our constant endeavor is to get the most actionable news for you to use.

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      Mobile App Development | Design | Marketing Magazine: Appedus

      Appedus is a mobile app ecosystem focused news publishing platform which covers various topics like app design, app development, app marketing and other relevant news, views or opinions. We also publish industry insights, e-books, developer interviews and e-magazines. You can get in touch with us on hola@appedus.com or you can snail mail us at

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