TruckLabs, a leading clean technology company focused on trucking sustainability, has announced the finalization of its Series B fundraising round, led by Blue Bear Capital, a venture capital firm focused on investing in high-growth technology companies across the energy, infrastructure, and climate industries.
BOISE, Idaho, Aug.1, 2023 /PRNewswire-PRWeb/ -- TruckLabs, a leading clean technology company focused on trucking sustainability, has announced the finalization of its Series B fundraising round, led by Blue Bear Capital, a venture capital firm focused on investing in high-growth technology companies across the energy, infrastructure, and climate industries. The funding round also included an investment from Calibrate Ventures.
"We are thrilled to be at the forefront of developing sustainable solutions for the transportation industry," said Daniel Burrows, CEO of TruckLabs. "We are committed to reducing emissions not only for today's Class 8 diesel fleets but also as the industry transitions to electric and alternative fuels."
Founded out of Stanford University in 2014, TruckLabs creates intelligent solutions that make a positive impact on carbon reduction and drive operational efficiencies. Its flagship technology, TruckWings™, is a tractor-mounted, smart aerodynamic device that automatically closes the gap between cab and trailer to reduce drag, improve stability, and increase fuel efficiency.
TruckLabs has surpassed 600,000,000 over-the-road miles and has experienced significant revenue growth in the last several years. Its innovative technology, TruckWings, helps customers achieve fuel savings of 3-6% and has saved over 85 million pounds of CO2 emissions, equivalent to removing 8,307 gasoline-powered passenger vehicles off the roads.
"We are proud to partner with TruckLabs in their mission to drive sustainability in the trucking industry," said Mark Pusak, AVP at Transervice. "As part of our customers'' commitment to reducing energy usage and expanding renewable energy initiatives, we recognize the importance of innovative solutions like TruckWings in reducing our carbon footprint for our fleets."
TruckLabs' success in its Series B funding round reflects a growing interest in sustainable technologies, particularly in the transportation sector. The funding will enable TruckLabs to develop its products further, accelerate growth, and continue the company's mission to drive operational efficiencies while reducing carbon emissions in the trucking industry.
"TruckLabs has built out half a dozen patents, challenging IoT integrations, data-driven software automations, and an intimate understanding of the trucking industry's operational needs -- all combined into a surprisingly intuitive solution," said Ernst Sack, Partner at Blue Bear Capital. " The company's technology is easy to deploy and seamless to operate, while generating millions of dollars of fuel cost savings and environmental footprint reductions for some of the country's largest and most demanding fleet operators."
For more information on TruckLabs, please visit their website at https://www.trucklabs.com.
About TruckLabs
Established in 2014, TruckLabs is a trucking technology company that creates intelligent solutions that make a positive impact on carbon reduction and drive operational efficiencies. Its flagship technology, TruckWings™, is a tractor-mounted, smart aerodynamic device that automatically closes the gap between cab and trailer to reduce drag, improve stability, and increase fuel efficiency. Founded out of Stanford University, TruckLabs has won awards in several Department of Energy (DOE) competitions including the National CleanTech Award and CalTech's FLoW competition. For more information, visit: https://www.trucklabs.com.
About Blue Bear Capital
Blue Bear is a venture capital and growth equity firm driving digital technologies into multibillion-dollar verticals across energy, infrastructure, and climate industries. The team, made up of experienced professionals from top energy private equity firms and technology startups, is dedicated to accelerating innovation in the energy transition. Blue Bear's portfolio covers operational AI, IoT, and cybersecurity technologies, all deployed with enterprise customers to improve operations, safety, economics, and environmental efficiency across the world's most critical industries. For additional information, visit http://www.bluebearcap.com.
Media Contact
Bess Lauer, TruckLabs, 1 2086518309, bess.lauer@trucklabs.com
SOURCE TruckLabs
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