Technology-driven freight company Aifleet announced on Tuesday that it has completed a $16.6 million Series B funding round led by Tom Williams, General Partner at Heron Rock. The carrier headquartered in Austin, Texas plans to use the funds to advance technology development, expand its operations and sales teams, and further develop scalable infrastructure. "Since 2018, Aifleet has developed technologies to alleviate issues such as declining truck utilization and driver shortages while bringing genuine humanity back into the driving experience," said Co-Founder and CEO Marc El Khoury in a statement. In addition to Williams, this Series B round also includes participation from Volvo Group Venture Capital, Obvious Ventures, Ibex Investors, Compound, Winthrop Square, and Cooley. The latest funding brings Aifleet's total venture capital investment to approximately $50 million. Founded in 2020, the company aims to create a freight carrier that uses technology to address industry-wide driver issues such as route optimization and planning, reducing cost per mile, and minimizing the number of trucks on the road, El Khoury said. Related Content: Aifleet Raises $14 Million to Further Improve Driver Utilization Aifleet has 204 drivers and power units according to data from the Federal Motor Carrier Safety Administration. "We are fully committed to using our unique AI technology to disrupt the freight industry, bringing better outcomes for all parties—better experiences for drivers, a more positive impact on the economy, and a better impact on the environment," El Khoury said. Williams stated that Aifleet could be profitable by year-end. "Aifleet uses technology to pay drivers higher wages, get them home more often, and reduce emissions. With this approach, Aifleet is poised to become one of the largest and most profitable freight carriers in the U.S.," Williams said in a statement. Funding Details AiFleet Amount Raised $16.6 million Funding Round Series B Lead Investor Heron Rock's General Partner Tom Williams Secondary Investors Volvo Group Venture Capital, Obvious Ventures, Ibex Investors, Compound, Winthrop Square and Cooley Purpose of Funding To expand the operations and sales teams, and further develop scalable infrastructure Total Funding Raised $50 million Details of Aifleet's Series B funding round. Noi Mahoney Noi Mahoney is a Texas-based journalist covering cross-border trade, logistics, and supply chain for FreightWaves. He graduated from the University of Texas at Austin with an English degree in 1998. Mahoney has over two decades of journalism experience working for newspapers in Maryland and Texas. Source: FreightWaves
