BetterFleet has completed a US$15 million funding round to accelerate the deployment of its artificial intelligence-enabled electric vehicle charging management platform for fleets.
The Series A round will fuel continued growth of the user base to more than 200 customers in Europe, Asia-Pacific, and North America.
BetterFleet says that AI-driven optimisation technology “provides the most comprehensive platform across sustainable fleet planning and operational management, focusing on complex mission-critical organisations in transport, government, utilities, and logistics.”
The product creates a digital twin of operators’ vehicles, energy infrastructure and routes. That enables them to optimise the selection of assets including charging stations, vehicles and other equipment to avoid significant overbuilding of infrastructure.
Digital depot configurations are seamlessly integrated into live operational systems, ensuring that vehicles perform as required, asset utilisation is optimised, and incidents are addressed with minimum downtime, The supplier says it has helped customers to save “tens of millions of dollars” to date.
BetterFleet CEO Daniel Hilson notes that inexperience and risk aversion are among factors that can lead to overbuilding of infrastructure during electrification projects.
“At the same time, electric fleets require far more sophisticated management software to handle the increased complexity of operating these assets,” he continues.
“Our goal is to enable more sustainable and productive fleets, allowing the transition to zero-emission solutions, saving our customers billions while reducing emissions by millions of tonnes annually.”
Aligned Climate Capital is among participants in the funding round. It exclusively invests in companies and projects that are advancing the shift to clean energy. Ecosystem Integrity Fund (EIF) and Remarkable Ventures Climate are other venture capital funds backing BetterFleet.
Says EIF Partner Geoff Eisenberg: “After making a dozen investments in electric transportation over the past 10 years, we were drawn to BetterFleet’s disciplined focus on enabling the successful electrification and operation of complex mission-critical fleets.
“BetterFleet is the clear leader in this space, unmatched in both technology and execution capability while serving some of the most important fleets in the world.”
