UPDATED 06:00 EDT / APRIL 23 2019

IOT

Keeptruckin raises $149M for tech for trucking firms manage drivers

Fleet management company Keeptruckin Inc. is heading in the right direction after closing a hefty $149 million late-stage funding round that brings its total amount raised to $228 million.

Greenoaks Capital led the Series D round, with participation from existing investors, including IVP, GV, Index Ventures and Scale Venture Partners.

Keeptruckin builds smartphone apps for truck drivers, as well as software and electronic logging devices that track compliance with government limits on driving time and other data. Once one of its electronic logging devices is attached to a truck and connected to the driver’s smartphone app, it creates a digital log of his driving hours that cannot be altered.

That’s important because the truck driving industry is moving away from the old way of doing things. In the past, most truck drivers simply recorded the number of hours worked on a piece of paper, which meant those records were impossible to verify.

However, change is in the offing since new rules from the U.S. Department of Transportation mandate that commercial vehicle drivers use electronic systems to log their driving hours. The idea is to verify that drivers don’t exceed legal limits to prevent fatigue and accidents.

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Keeptruckin’s fleet management software also can track trucks in real time, help optimize routes for drivers using artificial intelligence and even automate tasks such as fuel tax reporting. More recently, the company introduced a new Smart Dashcam as well as new AI-based safety features that can identify behavior associated with critical events and educate drivers and fleet managers on how to prevent them.

Keeptruckin faces many competitors in the fleet management space, including companies such as Geotab Inc. and Onfleet Inc., but co-founder and Chief Executive Officer Shoaib Makani said his company is superior because it delivers an entire ecosystem of services that work together.

“We offer a very modular solution that drivers and fleet managers can customize and easily change over time to fit their various needs,” Makani said, pointing to the range of apps the company offers besides its tracking devices.

The company reckons more than 250,000 vehicles are using its apps to log driving hours, but believes it has lots of room for growth as millions of vehicles are still running on the roads without the required electronic logging devices. Makani said the company is planning to take advantage of this opportunity by focusing its efforts on improving safety and helping its customers grow their businesses.

“We believe every fleet should have an integrated view of their operations that span their drivers, trucks and trailers,” Makani said. “That is why we’re doubling down on video safety and asset management. In the coming months, we’ll launch a dual-facing Smart Dashcam with enhanced driver coaching capabilities to promote safer driving and prevent collisions.”

Makani added that a new Smart Load Board is also in the works, which will help to “bring together those who need capacity with those who need loads.”

Photo: Capri23Auto/Pixabay

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