Autofleet Closes Oversubscribed $20 Million Series B
AI-based fleet management software improves efficiency of existing fleet operations and enables fleet owners to access expanding on-demand mobility services
TEL AVIV, Israel, Oct. 28, 2021 (GLOBE NEWSWIRE) -- Autofleet, a leading optimization platform for fleet owners and operators today announced it has closed its oversubscribed $20 million Series B round of funding. The round was led by Keyframe Capital and includes new investments from Fujitsu Ventures Limited (Fujitsu) and The Goodyear Tire & Rubber Company (Goodyear). Existing investors, including Mizmaa Ventures, Maniv Mobility and Next Gear Ventures also participated in the round. In addition to growing its R&D team, Autofleet will use proceeds to open offices in Singapore, London and New York to accelerate growth and support clients in those markets.
“We are thrilled with the participation of our new and returning shareholders, as well as the strategic investments from leading technology and automotive brands,” said Kobi Eisenberg, CEO of Autofleet. “Their support is both a validation of our team and technology, as well as a springboard for our continued global growth.”
Autofleet enables fleet owners and operators to improve the customer experience, optimize fleet efficiency and boost profitability in their existing business models while also enabling them to deploy those very same assets into on-demand mobility services for ride hailing/pooling, and “last mile” package delivery.
“Autofleet’s technology is a perfect complement to Fujitsu’s logistics and mobility solutions,” said Shunichi Ko, Head of Digital Transportation Business Unit at Fujitsu Limited. “We are looking forward to respond to the increasing demand from our customers around the world seeking ways to optimize their logistics businesses to efficiently utilize their fleets. We also anticipate that we’ll be able to simultaneously contribute to the resolution of some of the urgent issues confronting society, including the environmental impact of increased CO2 emissions and labor shortages in logistics.”
Autofleet’s platform leverages advanced machine-learning models for real-time demand prediction, automated generation and management of maintenance/servicing tasks, optimized dispatching and routing and dynamic pricing to help existing fleets become more efficient. The robust and automated routing and dispatch engine allows immediate optimization of delivery/logistics services, passenger trips and field service operations - all from a single platform. Autofleet also provides a Ride & Vehicle simulator to enable operators to accurately plan and de-risk potential fleet deployments without needing a single vehicle on the road.
“Goodyear is well positioned to support Autofleet’s growth through its network of mobile and Goodyear Auto Service centers,” said Abhijit Ganguly, managing director, Goodyear Ventures. “Goodyear supports fleets in providing increased efficiency and vehicle readiness and this collaboration will help us learn from Autofleet while supporting them in the market.”
Since closing its Series A last year, Autofleet has scaled its operations in over 12 countries, partnering with fleets in key verticals, including Rental, Car Sharing, Ride Sharing, Taxi, Logistics and Micro Mobility, demonstrating significant improvement in the fleet’s key performance indicators (KPI) such as reducing fleet downtime by 80 percent, reducing customer wait times by 15 percent and boosting utilization and revenues by 10 percent.
“Autofleet’s core value proposition – helping fleets of all vehicle types and sizes become more efficient and quantifying those efficiency gains for their customers in monetary, environmental and improved operating management metrics – is, in our opinion, a massive market opportunity on its own,” said Ethan Goldsmith, a partner at Keyframe Capital. “But Autofleet’s ability to enable underutilized or even new fleets to ‘value stack’ opportunity by accessing the exploding mobility services market makes this an even more exciting opportunity from our perspective.”
Autofleet provides the leading Vehicle-as-a-Service platform for fleets to optimize existing operations and to seamlessly launch new business models from existing assets. The platform leverages advanced machine-learning algorithms for demand prediction, optimized placement and matching, automated pit-stop management and in/de-fleeting, and more. More information is available at https://www.autofleet.io/.
About Keyframe Capital
Keyframe is an NYC-based cross-asset investment firm. The firm’s generalist, cross-asset mandate allows it to invest across a diverse range of business models and capital structures. Keyframe looks to build long term partnerships with companies, and to leverage its flexibility to help solve their most complex asset and corporate financing requirements. For additional information please visit https://www.keyframecapital.com/.
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