Volvo Group Venture Capital AB has announced a strategic investment in U.S.-based trucking company aifleet, which leverages cutting-edge artificial intelligence (AI) technology to enhance truck utilization and improve driver satisfaction.
Founded in 2020, aifleet specializes in the U.S. full-truckload (FTL) segment, where trucks are used to transport large volumes of freight between designated destinations. The FTL market is known for its fragmentation and inefficiencies, including low driver utilization and excessive empty miles in the supply chain.
Marc El Khoury, co-founder and CEO of aifleet, highlighted the challenges of the U.S. FTL market, noting, “The market is valued at $400 billion but remains highly inefficient and fragmented, with over half a million carriers, none commanding more than 1% of the market share. Since 2018, truck utilization rates have declined, but aifleet’s technology aims to address these issues by significantly improving trucking efficiencies and enhancing the driver experience.”
aifleet’s AI-driven approach focuses on optimizing route planning, scheduling, and end-to-end automation, resulting in over 40% higher driver utilization compared to the industry average.
Joe Darcy, an investor at Volvo Group Venture Capital, praised aifleet’s innovative approach: “aifleet is tackling inefficiencies in the trucking industry with a unique methodology. Their technology not only boosts truck utilization but also ensures an optimized working environment for drivers.”
Stephen Roy, Chairman of Volvo Group North America and President of Mack Trucks, expressed enthusiasm about the collaboration, stating, “The Volvo Group is dedicated to fostering innovation and advancing sustainable transportation solutions. aifleet’s distinctive technology aligns with our goals, and we look forward to working together to drive progress in the industry.”
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