MAKING MOBILITY MOVES
An update on all things Autotech
Fall, 2021
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Conundrum of the U.S. Supply Chain
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With the Port of Los Angeles announcing a 24/7 schedule to relieve congestion, President Biden’s meeting with corporations, port officials and labor leaders discussing steps to alleviate bottlenecks and the fast-approaching retail holiday season, all eyes are on the U.S. supply chain and logistics system.
The current situation demonstrates opportunity for potential changes to the way logistics providers operate and communicate across the transportation system in the U.S.
At Autotech, we strive to solve the biggest problems in ground transportation and the logistics industry is something we study closely. Several of our portfolio companies have developed innovative technology to revolutionize the U.S. supply chain, and a new wave of founders is emerging in the logistics tech space following COVID due to the low barrier of entry.
- KlearNow – An AI-based customs clearance and documentation management platform that dramatically reduces customs clearance time and cost for importers, brokers and freight, is working to resolve the “customs crunch". KlearNow not only provides tracking and visibility throughout the entire shipping process, but it will also move goods from a ship to final destination and with the detailed tracking, fewer trucks will be waiting.
- ShipHawk – ShipHawk created cloud shipping and fulfillment software that automates and reduces the cost of shipping and fulfillment while increasing the throughput and production capacity of shipping distribution centers.
- Newtrul – By working with brokers, Newtrul aggregates the highly fragmented freight market, making high-quality, efficient loads available to carriers and other logistics partners. Eliminating the need for carriers to call brokers individually to find a load, Newtrul increases the efficiency of the supply chain.
- BasicBlock – In addition to freight factoring, BasicBlock helps owner-operators and small fleets acquire trucks that are increasingly scarce.
- HDVI – Is the first commercial trucking insurance provider to build risk models based on real-time telematics data, reducing costs for small and medium sized fleets. Their suite of tools for improving safety and increasing fleet productivity keeps fleets in business by keeping both drivers and trucks on the road.
“There are supply chain issues, but they are exacerbated by the imbalance between supply and demand. Today there is not only a driver shortage but also a truck shortage. The right formula is twofold: 1 - get more trucks on the road, and 2 - keep more trucks on the road longer,” said Burak Cendek, partner at Autotech Ventures. “The owner-operators and small fleets need financing solutions and are particularly critical to this equation.”
This is an industry that must rethink many of the needless inefficiencies and legacy policies, procedures and practices that are now outdated. Logistics is poised to transform itself the world over by embracing automation.
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BasicBlock
Commercial trucking carriers need working capital to grow. One of our new portfolio companies, BasicBlock, is a modern trucker payment factoring provider with a digital wallet for owner-operators to access A/R financing quickly. By also offering truck financing, trailer financing, and fuel cards, BasicBlock helps keep fleets driving.
TruckLabs
TruckLabs, a technology company helping transform the trucking industry, recently announced that it has raised a $15 million Series A round to fund the continued growth of its product suite that empowers fleets to improve their operational performance by boosting fuel efficiency, increasing driver engagement, and reducing carbon emissions. We co-led the funding round with Calibrate Ventures and Uncork Capital.
TruckLabs’ flagship product, TruckWings, is an aerodynamic device that automatically closes the gap between cab and trailer on large trucks to save fuel. The company also provides TripDynamics, an in-cabin alert system providing real-time feedback to commercial truck drivers.
Hayden AI
Our portfolio company Hayden AI, the first autonomous traffic management platform to help cities become safer and more sustainable, has closed a $20 million Series A round to expand its platform. With successes in key markets like NYC, the new funds will be used to expand its reach nationally and internationally, and to accelerate hiring across R&D, cybersecurity, and customer support.
HDVI
High Definition Vehicle Insurance (HDVI) recently announced that it has raised $32.5 million in Series B funding, including investment from Autotech. Daimler Trucks North America also participated in the round and formed a strategic partnership with HDVI to bring innovative, connected insurance solutions to Daimler Trucks' customers and the broader transportation industry. The funds will be used for the continued development of new products and to fuel the growth of the company on a national scale.
With the launch of its latest product, HDVI Shift, HDVI is changing the game for the commercial trucking insurance industry by using real-time telematics data to inform risk models and deliver better, more affordable insurance for fleets.
Latent AI
Latent AI announced the closing of a $19 million Series A investment and we were included among other notable investors. This funding will support the company’s mission to empower developers to optimize AI models for the edge continuum. Latent AI is enabling next generation AI factories to deploy AI applications at scale, and in a fast, repeatable and robust manner.
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- Work Truck Solutions has been awarded a prestigious 2021 Automotive News PACE award for its innovative solutions and approach in the commercial vehicle space. The company continuously focuses on developing solutions that best serve its customers’ needs, such as the Vehicle Acquisition Search Tool (VAST) and national commercial vehicle marketplace, Comvoy.com.
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- Roger Nielsen, former CEO of Daimler Trucks North America (DTNA), has joined the board of SafeAI, a technology company that retrofits construction and mining equipment for autonomous operations.
- Indie Semiconductor, a provider of semiconductor solutions for lidar and advanced driver assistance systems (ADAS), is set to purchase Teraxion, a photonic component manufacture.
- Rollick Inc., the leading relationship marketing technology provider for marine, powersports, and RV dealers and manufacturers, recently announced an expanded partnership with Synchrony, a premier consumer financial services company.
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