Fleetonomy Lands $3 Million to Develop AI-Based Fleet Management Platform

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【Summary】Israeli startup, Fleetonomy has raised $3 million from various venture capitalists. The funds will go towards research and development of the company’s cloud-based, driverless fleet concept.

Mia Bevacqua    Sep 07, 2018 3:29 PM PT
Fleetonomy Lands $3 Million to Develop AI-Based Fleet Management Platform

Israel's autonomous car industry is thriving, and now, the country has another startup to consider: Fleetonomy. The fledgling company recently secured $3 million to develop its next-generation fleet management platform, which involves cloud-based control of driverless vehicles. 

Financial backing for the project comes from Vertex Ventures, followed by Kardan Ventures and VectoIQ. To oversee the effort, the startup has added Steve Girsky, Former Vice Chairman of GM and Mary Chan, Former On-Star Executive to its board of advisors.

"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. The platform that Fleetonomy provides leverages the current ownership opportunities and equips automotive companies with the ability to operate autonomous fleets of the future," says Girsky.

At this point, there aren't many details regarding Fleetonomy's platform. The startup says the concept it's working on "blends machine learning, advanced algorithms, and AI". Also, the system is cloud-based. Essentially, the idea is managing convoys of driverless vehicles remotely. 

According to the Fleetonomy, its technology is already deployed in the U.S., U.K., and Germany. Although, it doesn't say to what capacity. Additional markets are planned for next year.  

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." 

Aviad Ariel, General Partner at Vertex Ventures said: "The rapid move to connected cars as well as the increased focus in autonomous technologies is driving the rise of fleets that need new technologies like Fleetonomy to operate efficiently at scale."

Currently, Israel is a major player in the autonomous vehicle market. According to reports, the country has over 600 smart car startups operating there. Fleetonomy may be one to watch.

Sources: Fleetonomy, Globes

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