LAHORE: KeepTruckin a technology company owned by a Pakistani, Shoaib Makani, has raised $50 million to develop additional products and help it expand, reported a The Wall Street Journal.
The company helps to monitor driver time behind the wheels through driver apps, software, and Electronic Logging Devices (ELDs) to ensure compliance with federal limits in order to reduce accidents caused by driver fatigue. Moreover, it has also developed technology to track trucks in real time, help fleets audit driver logs and optimise routes.
The use of such devices has increased in the US after their use was mandated in most big rigs last December. However, their use has been prevalent since long by big carriers in order to monitor driver behaviour, mileage, truck location and the efficiency of vehicle usage.
According to The Wall Street Journal KeepTruckin is valued at $500 million and by the end of 2018 expects to reach $100 million in annual recurring revenue. The company raised $2.3 million in seed funding in 2013, $8 million in a Series A round in 2015 and $18 million in Series B funding in 2017. The Series C round includes additional investments from Google Ventures, Scale Venture Partners and Index Ventures.
By the end of this year the company expects to reach 400,000 trucks using its technology and with the additional investment is working on products with video monitoring features that provide feedback to drivers on their driving and a “marketplace that will offer carriers information on available cargo loads that line up with driver locations and preferred routes,” reported The Wall Street Journal.
