Class8, formerly known as FleetOps, has raised $22 million in a Series A funding round to promote its original equipment manufacturer (OEM)-integrated, artificial intelligence (AI)-powered logistics solutions.
The company’s platform processes over 1 billion daily data points from 227,000 trucks and uses that data to help trucking businesses optimize their fleet operations, Class8 said in a Tuesday (Nov. 19) press release.
For example, the platform uses axle data for freight matching, engine data for insurance, fuel data for spend optimization, GPS data for payment delivering verification and mileage data for maintenance scheduling, according to Class8’s website.
“This investment allows us to leverage OEM-driven insights to bring carriers clarity, control and profitability,” Class8 CEO Chris Atkinson said in the release. “Class8 flips the script on data by turning it into actionable insights, empowering carriers and drivers to thrive in even the most volatile markets.”
Together with OEM data, Class8 uses freight market and operational data to help trucking businesses with their daily decision-making, according to the release.
The platform helps with dispatch optimization to ensure that trucks keep moving and with load optimization to adapt to market shifts and maximize profit, the release said.
The company’s funding round was led by Xplorer Capital, per the release.
“Class8’s platform is redefining how carriers and drivers connect to data and opportunity,” Xplorer Capital Managing Partner Jonathan McQueen said in the release. “Their innovations help trucking businesses navigate complex markets, boosting both profitability and fairness in the industry.”
Fleet management is inching toward becoming a beacon of connectivity, PYMNTS reported in February.
In October, WEX said it was rolling out a new mobile app to give owner-operators and small trucking companies access to fuel discounts.
In July, Coast raised $40 million in new Series B financing to accelerate adoption of its solutions for fleet payments. Coast offers modern digital payments experiences and financial services for products for the U.S. B2B card payments market, with a focus on commercial fleets, vehicles and drivers.
Also in July, Fleetio added two new integrations — FuelCloud and Fill-Rite — to its fleet maintenance management software, saying they will help businesses with on-site bulk tank fueling streamline fuel management, gain insights and optimize fleet fueling operations.
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