Volvo Group Venture Capital AB invested in aifleet, a trucking company that uses AI technology, Volvo announced Tuesday.
'Aifleet is addressing inefficiencies in the trucking industry in a differentiated manner, building technology and proving out its capabilities through their own fleet operations," says 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."
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Aifleet was founded in 2020. It operates in the full truckload segment of trucking.
"The U.S. full-truckload (FTL) market size is $400 billion, but it's a massively inefficient and fragmented market with a 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 to radically improve trucking efficiencies, while bringing real humanity back to the driver experience," says Marc El Khoury, cofounder and CEO of aifleet. "We are excited about Volvo's investment and we are looking forward to continuing to leverage our technology to create a more sustainable fleet and industry."
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Aifleet uses AI to optimize route planning and scheduling and is building end-to-end automation for more than 40% higher driver utilization than industry average.
"We're excited about the opportunity to collaborate with aifleet," says Stephen Roy, chairman of Volvo Group North America and president of Mack Trucks. "The Volvo Group is committed to driving innovation and more sustainable transportation solutions, and it's clear that aifleet, leveraging their unique technology, shares our ambition."
