While Hayden Cardiff was finishing his M.B.A. at Carnegie Mellon, he started consulting for Pitt Ohio, large trucking company headquartered in Pittsburgh. Though he had already worked with his classmate Thomas Healy to launch electric truck startup Hyliion—which went on to"If you had asked me 10 or 15 years ago if I would’ve gotten into trucking, I would’ve told you absolutely not,” Cardiff, 31, says.
Now, Cardiff, along with his cofounders and former CMU classmates Nick Bartel, 36, and Andrew Russell, 30, is set to announce a $20 million series B raised by Idelic, a startup that applies AI and machine learning to data from trucking fleets in order to ensure driver safety and streamline logistics.
The round is led by Boston-based Highland Capital Partners, with participation from AXA Venture Partners. While Idelic and its investors declined to quote specific revenue or valuation metrics associated with the raise, both cited “rapid growth” as a motivating factor. None of this would've happened if it hadn't been for"Safety Box,” a data-integrating technology that Pitt Ohio had built internally, and which Cardiff speculated could be refined and expanded to be usable by fleets of all shapes and sizes. Teaming up with Bartel and Russell, Cardiff offered Pitt Ohio a small piece of equity in what was to become a boot-strapped business in exchange for resources and proprietary access to its tech.
Idelic is not the only company adamant about bringing trucking, an $800 billion industry, up-to-speed with the digital age. The past decade has seen the advent of several SaaS solutions for previously disintegrated data-collection systems that allow companies to do everything from streamline the way truck brokerages match
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Source: Forbes - 🏆 394. / 53 Read more »