REDWOOD CITY, Calif .– (COMMERCIAL THREAD) – TruckLabs, a technology company helping to transform the trucking industry, today announced it has raised a $ 15 million Series A funding round to fund the continued growth of its product line that enables fleets improve their operational performance by increasing energy efficiency, increasing the number of driver engagement and reducing carbon emissions. The oversubscribed funding round was co-led by returning investors Calibrate Ventures, Autotech Ventures and Uncork Capital. To date, TruckLabs has raised a total of $ 24 million in venture capital.
TruckLabs designs and manufactures technologies for the long haul trucking industry. Its flagship product, TruckWings, is an aerodynamic device that can be quickly installed to close the gap between cab and trailer on large trucks to save fuel. TruckWings is widely deployed in the trucking industry, currently operating on carrier fleets that average over 3.5 million miles per week. TruckLabs also offers a software platform for trucker engagement and performance measurement.
“We are extremely impressed with TruckLabs’ track record of successful product development and go-to-market strategy,” said Jason Schottler, co-founder of Calibrate Ventures. “The company is well positioned to take advantage of the growing opportunity to partner with fleets to help them save money and meet their sustainability goals. ”
The funding builds on the recent successes of TruckLabs, fueling its continued momentum:
- TruckWings, the company’s first breakthrough product, is now used by four of the 10 largest trucking companies in North America and has traveled more than 300 million miles in total, a strong sign of increased adoption of the technology. active aerodynamics. The patented device automatically fills the space between the cab and the trailer at highway speeds to reduce drag, improve handling and save fuel. Since 2018, TruckWings has saved its customers the equivalent of 3.1 million gallons of diesel fuel, which at the current average price of diesel equates to a savings of approximately $ 10 million. The reduction in fuel consumption also means that 52 million less pounds of carbon dioxide have been released into the atmosphere, which is equivalent to planting 375,000 trees.
- TruckLabs recently completed a road test of TruckWings in partnership with Ryder System Inc., a leading logistics and transport company. The 60-truck-controlled pilot fuel test improved handling and saved fuel, with Ryder achieving over 4% improvement in net miles per gallon. Ryder highlighted the test in his report on the sustainability of the company.
- TruckLabs launched its latest innovation, TripDynamics, after a successful pilot project with Mesilla Valley Transportation (MVT), based in New Mexico. TripDynamics is a fun software platform for driver engagement, real-time feedback and performance measurement that gives fleets the data-driven insight they need to meet the biggest challenges facing the industry. faced today: energy efficiency and driver recruitment and retention. MVT is deploying the system across its entire fleet of 1,300 trucks.
“TripDynamics is a game-changer in terms of driver engagement, fuel efficiency and the overall sustainability of our fleet,” said Royal Jones, CEO of MVT. “In particular, they really hit the driver engagement concept. Whether you are a top rider or just starting out, there is an opportunity for all of us to improve through better feedback, but it has to be against realistic goals. TripDynamics helps level the playing field for our drivers when it comes to our bonus structures and how our drivers adjust what they do in the cab to dramatically improve overall fuel efficiency.
TruckLabs intends to use the new capital to expand hiring in the areas of products, sales and engineering; invest in the continued research and development of TripDynamics; and increase TruckWings’ partnerships with original equipment manufacturers.
“We are grateful for the support of our investors, who continue their journey with us to help transform the trucking industry,” said Daniel Burrows, CEO of TruckLabs. “These latest milestones demonstrate the industry’s confidence in our technologies and in our strategic plan to accelerate the delivery of our unique value proposition to fleets.”
Founded in 2014, TruckLabs (formerly XStream Trucking) is a technology design and engineering company for the long haul trucking industry. Its flagship technology, TruckWings ™, automatically bridges the gap between tractor and trailer, reducing a fleet’s fuel bill without requiring additional operator actions or trailer modifications. Founded at Stanford University, TruckLabs has won awards in several Department of Energy (DOE) competitions, including CalTech’s National CleanTech Awards and FLoW competition and Top 20 Heavy Truck Trucking Products of 2019. TruckWings are currently deployed in carrier fleets averaging over 3.5 million vehicles. miles per week. For more information visit: https://www.trucklabs.com/