AUTOMOTIVE/Sustainable logistics: VOLVO Group’s Venture Capital Company Invests in American AI-Powered Truck Player

Aifleet has secured near $50 million in funding rounds. Volvo Group Venture Capital (VGVC), the group's venture capital company, invests in the US-based company Aifleet, a trucking company that above all uses proprietary AI technology to reshape the future of trucking. A heavy point in this is truck utilization. Joe Darcy, investor at VGVC, states that good reasons for the investment are a well-known inefficiency in the freight transport industry.
"Exactly, Aifleet is addressing this inefficiency in a differentiated way, building technology and proving its capability through the operations of its own fleet," says Darcy, adding: "They are not only increasing the utilization of the trucks on the road but also ensuring that the drivers have an optimized working environment."
Aifleet, founded in 2020, operates in the segment “U.S.A. full-truckload” (FTL) in the trucking industry, where the full capacity of a truck is purchased to transport larger loads between set destinations. The segment is currently fragmented and challenged by low driver utilization. In short, driving many so-called "empty miles" makes the supply chain inefficient.
Marc El Khoury, co-founder and CEO of Aifleet, states in a comment that the market they are addressing is about big money:
"The full truckload (FTL) market in the US is worth $400 billion, but it is a hugely inefficient and fragmented market with half a million carriers, with even the largest having less than 1% of the market. Because truck utilization has been trending downward since 2018, Aifleet has developed a technology to mitigate the usability problem, which radically improves truck efficiency, while bringing real human values back to the driver experience," he says. "We're excited about Volvo's investment and look forward to continuing to leverage our technology to create a more sustainable fleet and industry."
Powered by its proprietary AI technology, Aifleet builds a truck fleet that increases truck utilization with better planning tools and smarter algorithms. By optimizing route planning and scheduling, and building end-to-end automation, the company's own operations generate over 40% higher driver utilization than the industry average.
In total, Aifleet has now secured near $50 million in funding rounds. In addition to Volvo's investment, the company-according to Trucknews.com-recently secured $16.6 million in Series B funding, led by Heron Rock's Tom Williams, with participation from Volvo Group Venture Capital and other investors. The company's total funding is now close to $50 million. With the new capital, Aifleet says it will drive its technology research and development, expand its operations team to support the fleet at scale, expand its sales organization and further develop scalable infrastructure and processes.