About the AI Logistics Business
Idelic is a commercial trucking analytics and driver management software solutions startup that uses AI and machine learning technology to keep truck drivers safe and content. The business has five core values: safety, innovation, passion, quality, and collaboration. Founders of the startup company include Carnegie Mellon University graduates Hayden Cardiff, Nick Bartel, and Andrew Russel.
Through the use of AI and machine learning technology, Idelic is able to prevent crashes, reduce driver turnover, and lower insurance costs. The Pittsburgh-based startup company has a proprietary driver management system called Safety Suite, which allows customers the power to integrate all types of third-party systems and consolidate, organize, and understand driver data.
$20 Million in New Funding for Idelic
Today, Idelic announced the startup company raised $20 million in a Series B funding round led by Highland Capital Partners. Additional investors in Idelic included AXA Venture Partners, Birchmere Ventures, Origin Ventures, TDF Ventures, and SaaS Venture Capital.
“With insurance costs and driver turnover skyrocketing over the past several years, our mission is to help fleets overcome these challenges and create a safety culture that is not only valued by their drivers but also their insurance providers. Raising our Series B will enable us to reinvent how the transportation industry underwrites driver risk and evaluates the fleets they insure,” co-CEO of the AI technology business, Hayden Cardiff, said.
In addition, Cardiff stated in an interview with Forbes, if a trucking fleet has any kind of blemish in its record, insurance costs skyrocket 150% to 200%, therefore hurting the overall effectiveness of the fleet.
Regarding the new investment for the logistics AI logistics business, Craig Driscoll, general partner at Highland Capital Partners, added, “Together, we can revolutionize how trucking fleets—and their insurance carriers—think about the risks they navigate every day...That’s a massive goal that has huge implications for the transportation industry and society in general. Their mission is exactly what we look for in companies, and I'm thrilled to join the team.”
With the new business funding, the AI startup company plans on investing in its engineering and data science teams. The company plans to further develop the Safety Suite and offer new features to insurance partners. Additionally, the logistics startup will invest in sales and marketing to reach new commercial trucking fleets.
The Logistics Industry
Idelic is looking to make a difference in an industry that has incorporated little innovation since its inception and also contributes to a large portion of success for the American economy. The American Trucking Associations states that nearly all consumed goods in the United States (US) have been transported by commercial trucks at some point and that the industry was worth $791.7 billion in 2019.
About the Author
McKenzie Carpenter is a graduate of Central Michigan University with a B.A.A. in Integrative Public Relations and French. McKenzie has previously worked for small businesses and nonprofit organizations.