Meight, a Portuguese startup, has secured €1.3 million in a seed round for its proprietary technology that helps truck drivers and fleet managers work more efficiently.
The Evora-based business has filed a patent for a device that can detect, anticipate, and reduce the energy consumption of road transport. The technology will allow for the identifying of inefficiencies at the granular level, as well as the prediction and assistance of drivers in changing their behavior. It can be used on any smartphone and does not necessitate any truck installation or conversion, which saves carriers time and money.
The platform is using this data to build the first road freight platform, allowing supply chain stakeholders and service providers to seamlessly connect to the next generation of services. Aside from increasing operational efficiency, the technology will also help fleets to lower their consumption and enhance their environmental footprint.
The funds raised will allow the platform to speed its expansion plan, which will focus on Germany, as well as its hiring process, which will focus on software experts, to continue developing the data infrastructure.
“On every trip, carriers and drivers may pay less and use fewer resources,” stated Luis Mendes, CEO of Meight. Meight delivers technology to an aging industry that lacks the resources and know-how to compete in the digital age. Professional drivers will not go away, and self-driving cars are not the solution to a complex sector. As a result, we must discover new ways to strengthen one of the world’s most exciting contributors to trade.”
The new technology makes it easier to collect data about driving on all routes around the world. This will allow the platform to generate optimum driving standards for that vehicle, route, and driver in real-time and communicate them to the driver.
Meight has now logged 20 million kilometers and the technology is already available in 75 percent of European truck models. Following its bridge fundraising in December last year, the Turkish firm Yolda has entered the trucking competition with its growth in Germany.
Image Credit: Meight
News SOurce: Tech.eu