Volvo Group Venture Capital AB is investing in the US-based company aifleet, a trucking company leveraging AI technology focusing on truck utilization and driver satisfaction.

Founded in 2020, aifleet operates in the US full-truckload (FTL) segment of the trucking industry, where a truck’s full capacity is bought to ship larger freight between set destinations. The segment is currently fragmented and challenged by low driver utilization, and faces inefficiencies such as empty miles in the supply chain.

The US full-truckload (FTL) market size is $400 billion, but it’s a massively inefficient and fragmented market with half a million carriers, where even the biggest has less than 1% of the market. As truck utilization has trended downward since 2018, aifleet has developed technology to mitigate the utilization problem to radically improve trucking efficiencies, while bringing real humanity back to the driver experience. We are excited about Volvo’s investment and we are looking forward to continuing to leverage our technology to create a more sustainable fleet and industry.

—Marc El Khoury, co-founder and CEO of aifleet

Using its proprietary AI-technology, aifleet is building a trucking fleet focused on increased driver satisfaction that boosts truck utilization with better planning tools and smarter algorithms. By optimizing route planning and scheduling, and building end-to-end automation, aifleet’s own operation generates more than 40% higher driver utilization than industry average.

Volvo Group Venture Capital was founded in 1997 and invests globally in venture companies. The aim is to drive transformation by facilitating the creation of new services and solutions and to support collaborations between start-ups and the Volvo Group. The market trends shaping the future of transportation and infrastructure solutions and the strategic priorities of the Volvo Group define the investment focus areas: Logistics Services, Site Solutions, Electrification, and Sustainability.

The transaction has no significant impact on the Volvo Group’s earnings or financial position.