Logistics real estate operator Prologis has led a $42m series B round for US-based fleet management software provider Platform Science through corporate venturing subsidiary Prologis Ventures, the Wall Street Journal has reported.
The round included automotive manufacturer Daimler and venture capital firms 8VC, NewRoad Capital Partners and Schematic Ventures as well as angel investor network Cambridge Capital Group.
Platform Science has developed a software platform that enables trucking fleets to access a range of internet-connected functionality through telematics systems installed on the dashboard of each vehicle.
The software also facilitates fleet management, allowing each vehicle’s location to be tracked along with driver performance, and enabling two-way communication between the driver and dispatch.
The series B proceeds will fund the expansion of Platform Science’s 160-strong team. Daimler invested through a strategic partnership between Platform Science and its Daimler Trucks North America subsidiary that will involve the company’s systems being installed on Daimler trucks.
Roger Nielsen, president and chief executive of Daimler Trucks North America, said: “The inclusion of Platform Science in our connected telematics platform represents a leap forward for the industry, and more importantly, our customers.
“The demand and the need for efficiency, safety and uptime has never been greater than it is today. With Platform Science, we will help customers avoid pre-installations delays, improve the fleet manager and driver experience once their assets are on the road, and help keep them moving forward as they keep the world moving.”
The company had previously raised $11m in equity funding across two rounds in January and July 2018 according to regulatory filings. Prologis and 8VC have been identified as existing investors by media reports, as has energy and automation technology producer Schneider Electric.