US-headquartered transportation and logistics service provider Ryder System launched a corporate venture capital vehicle on Tuesday it expects to invest $50m over the next five years.
RyderVentures will target developers of technology or business models that can strengthen or further automate Ryder’s core industries. It will also look to assist portfolio companies with activities such as accelerating the development and initial piloting of their products.
Areas of interest for the fund include automation and data analytics software, asset sharing, advanced vehicles and the prevention of supply chain disruptions caused by a greater demand for e-commerce fulfilment services.
Karen Jones, Ryder’s chief marketing officer and executive vice-president of new product innovation, said: “Ryder has a strong history in leveraging emerging technologies that help make our business and, ultimately, our customers’ businesses better and more competitive.
“With RyderVentures, our goal is to identify earlier in the process those new technologies that address our customers’ pain points and work alongside the startups developing them to speed the solutions to market.
“We are looking for innovative technologies from startups with strong growth potential but need the expertise of an industry leader with the depth and breadth of experience that comes with nearly 90 years in logistics.”
