A lot goes into managing vehicle fleets. It’s a market forecast to be worth $565.1 billion by 2025, according to analysts at Grand View Research, spurred in part by the adoption of analytics, fuel management, remote diagnostics, driver performance and tracking, and a dizzying array of other technologies. The benefits are as obvious as they are numerous — well-managed fleets save money and see productivity gains — but if you’re a fleet operator implementing platforms and strategies from scratch, they’re often a challenge to realize.
Luckily, startups like Fleetonomy are more than willing to do the legwork. The Tel Aviv company today announced a $3 million funding round led by Vertex Ventures, with participation from Kardan Ventures and VectoIQ. It’ll use the new capital to “expand [its] technology development” to additional markets, Fleetonomy CEO Israel Duanis said.
“Our investors understand that Fleetonomy’s Fleet Management will be a crucial component for anyone operating a fleet to expand their service offering to customers and grow their business at a time where the automotive industry is going through some of the biggest changes,” Duanis said. “The market demand continues to increase, as fleet operators are seeing the value in being able to capitalize on data-driven insights to seamlessly optimize fleet efficiency and increase customer satisfaction.”
Fleetonomy’s platform leverages a killer combo of artificial intelligence (AI), advanced algorithms, and machine learning to analyze data and deliver insights, with the goal of maximizing inventory utilization and minimizing the need for reactionary maintenance. It provides end-to-end white label ridesharing and on-demand car subscription services to customers who desire them and is designed from the ground up to accommodate both semiautonomous and fully autonomous fleets.
With its cloud-based suite of tools, managers can simulate services before deploying cars on the road, even adjusting factors such as fleet size, parking, and charging locations. And they can prioritize vehicles according to demand prediction and live feed, or rent cars for predefined time slots via a branded app.
“Players in the mobility service business need to be prepared for the autonomous era by addressing both the vehicle ownership and the fleet ownership management models,” said Steve Girsky, former vice chair of GM and a Fleetonomy board member. “The platform that Fleetonomy provides leverages the current ownership opportunities and equips automotive companies with the ability to operate autonomous fleets of the future.”
Fleetonomy was founded in 2016 and claims to have the backing of “top-tier automakers,” “car rental companies,” and “other fleet operators” in the U.S., U.K., and Germany.