Drivewyze, a company that has created a mobile app to aid trucking companies in bypassing weighing stations without wasting time, has made it known on Thursday, August 22nd that it has successfully seized $7.5 million in a funding round guided by iNovia Capital and Emergence Capital Partners. Drivewyze was founded back in 2012 and revealed on this occasion that it will utilize the newly raised funds to expand the marketing and sales of its bypass service, which will eventually enable the company to offer its service throughout the country by next year.
On this occasion, Brian Jacobs of Emergence Capital partner said that, “At Emergence Capital, we have seen mobile technology allow workers in many large industries to take advantage of the cloud. “IIS and Drivewyze are using the cloud to redefine road safety and driver productivity. It is clear that states are embracing Drivewyze PreClear and fleets are seeing a significant financial return.”
Adding to it iNovia’s Shawn Abbott said that, “Drivewyze is a perfect example of our investment thesis at work; that large existing industries — in this case transportation — can derive radical benefit from new services leveraging the now ubiquitous mobile Internet.”
While the president and CEO of IIS and Drivewyze, Brian Heath said that, “By leveraging our Commercial Mobile Radio Service (CMRS) transponder technology, we have created a game changer for the trucking industry. Fleets can access more sites and higher ROI services without the limitations of traditional roadside hardware. All you need is a web and GPS-enabled device in the cab. Our integration partnerships with the industry’s top in-vehicle fleet technology providers, PeopleNet, XRS and Zonar, will give fleets instant opt-in access to our service.”
The mobile app of Drivewyze actually alerts the truckers of subscribed trucking companies when the weighing station is just two miles away from them. The mobile app developer is currently offering its services in 16 states of the country and now it is aiming for nationwide coverage till 2014. Drivewyze is actually a division of Intelligent Imaging Systems, which is a Canada-based road technology company and operating for a decade now.
After its inception the company started signing up truck fleets that have earned good safety scores. Drivewyze then developed a commercial mobile radio service to enable their platform to get in touch with inspection sites. Now Drivewyze has secured decent amount of money that will help it to further boost its business.
Source: DriveWyze, TechCrunch
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