AUSTIN – September 10, 2024 – aifleet, the industry's first full-stack, scalable carrier leveraging AI to humanize trucking and reshape its future, today announced it has raised a $16.6 million Series B funding round led by Tom Williams at Heron Rock, with participation from Volvo Group Venture Capital, Obvious Ventures, Ibex Investors, Compound, Winthrop Square, and Cooley, bringing its total funding to almost $50 million.

Aifleet’s proprietary AI and technology suite is quantifiably improving the trucking industry, 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, all while treating drivers better and keeping them well paid — with a profitable way to go home every week.

“The Full Truckload Market Size is $400 billion, but it’s a massively inefficient and fragmented market with half a million carriers, where even the biggest has less than 1% of the market. As truck utilization has trended downward since 2018, aifleet has developed technology to mitigate the utilization problem and the strain created by the trucker shortage and to radically improve trucking efficiencies, while bringing real humanity back to the driver experience,” said Marc El Khoury, co-founder and CEO of aifleet.

By building the first scalable trucking fleet using end-to-end automation, aifleet is able to generate over 40% higher utilization than the industry average, driving a fivefold increase in operating profit compared to big carriers. The company’s AI manages 20 quintillion permutations per truck per week, equaling 250K loads per week and $20 billion in orders per year.

“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 is positioned to become America's largest and most profitable truckload carrier" said Tom Williams, General Partner, Heron Rock. In just four short years, AIfleet's powerful AI algorithms and proprietary tech stack deployed across every aspect of carrier operations have far-exceeded what we even thought was possible when first investing. aifleet is the first company to achieve tech-driven economies of scale: the more the company grows, the lower its cost per mile. In fact, we expect they will be profitable within this round of funding. Aifleet’s model is not only a great business model financially, but the right one in how they use their technology to pay drivers more, send them home more often, and reduce emissions. With this approach aifleet is positioned to become America’s largest and most profitable truckload carrier.”

With the new capital, aifleet will fuel its technology research and development, grow its operations team to support the fleet at scale, grow its sales organization, and further develop scalable infrastructure and processes. 

For customers whose freight they ship, aifleet offers efficiency with better service, which includes more visibility into where loads are at any given time, more capacity so customers don’t need to rely on multiple carriers, and AI that automatically responds to any customer inquiries. Aifleet’s own drivers and its customers’ drivers benefit with better pay and a more humanized experience. Since plans and loads are optimized, long-haul trips away from home aren’t necessary.    

As the first digital-native truckload carrier, aifleet will continue to push the envelope on AI and AI-adjacent use cases in the industry​, and in the future, operationalize electric and autonomous technologies. “We are all in on truly disrupting the trucking industry with our unique AI technology, and that’s leading to better outcomes for all — a better experience for drivers, a better impact on the economy, and a better impact on the environment — all in service of our purpose, to humanize trucking,” added El Khoury.

About aifleet

aifleet is a tech-driven trucking company building the industry’s first full-stack, scalable carrier and radically disrupting the industry. Powered by our proprietary AI algorithm and technology suite, we’re able to increase driver satisfaction, boost truck utilization, and improve the industry’s long-term sustainability. Our proprietary planner ensures our fleet managers can book the most optimal loads and automate and consolidate operations, yielding the highest revenue plans. With dynamic pricing tools, modernized in-house TMS, real-time tracking, and efficient, driver-centric scheduling, we’re writing a new roadmap — where we go further, do more, and drive the future together.