CA-based XStream Trucking bags $10.5 million in Series A funding
Category: #business  By Mateen Dalal  Date: 2019-05-30
  • share
  • Twitter
  • Facebook
  • LinkedIn

CA-based XStream Trucking bags $10.5 million in Series A funding

The investment will be used to enhance XStream’s ability to deliver better fuel-efficiency to the U.S. trucking industry by means of innovative hardware & software solutions.

Renowned vehicle design & engineering company, XStream Trucking, Inc. has recently announced securing US$10.5 million in Series A funding co-led by Calibrate Ventures and Autotech Ventures, along with participation from the existing shareholders of Root Ventures, Uncork Capital, FusionX and Tandem Capital.

According to reliable sources, the investment will be used to accelerate XStream’s ability to deliver enhanced fuel economy to the $700 billion U.S. trucking industry by means of advanced hardware and software solutions.

For the record, XStream’s flagship technology, TruckWings, is an active-aero device that closes the tractor-trailer gap automatically on commercial trucks when the vehicle is running at a certain speed, creating an estimated fuel savings of between 4-6%. It also offers GPS-enabled software that tracks fuel savings in real-time.

As per a statement, Daniel Burrows, CEO, XStream Trucking, said that fuel represents a key expense for commercial trucking fleets and with their products large fleets could save millions each year. He stated that the firm’s branded technology and advanced processes effectively address a previously neglected area of truck aerodynamics.

He further added that XStream Trucking is thrilled to have the support of Calibrate Ventures and Autotech Ventures, which will help them expand the company’s capabilities to deliver several U.S. trucking firms with cost-saving technology & software-based insights.

Speaking on the move, Jason Schoettler, Co-Founder, Calibrate Ventures, said that the trucking industry stands as the backbone of the American economy and technologies that enhance fuel economy and performance will certainly make a considerable impact throughout the value chain.

Meanwhile, Maurice Gunderson, MD, Autotech Ventures, said that their firm is thrilled to partner with XStream Trucking and witness the impact of its investment on the commercial trucking industry. He added that the company is looking forward to collaborating with XStream Trucking to continue developing innovative offerings that leave a long-term mark on the global logistics industry.

Source Credit: https://www.globenewswire.com/news-release/2019/05/29/1856289/0/en/XStream-Trucking-Secures-10-5-Million-Series-A-Funding-Round-Led-by-Autotech-Ventures-and-Calibrate-Ventures.html

https://www.freightwaves.com/news/xstream-trucking

  • share
  • Twitter
  • Facebook
  • LinkedIn


About Author

Mateen Dalal    

Mateen Dalal

Mateen has completed his Bachelor’s degree in electronics and telecommunication engineering, post which he lent his proficiency to the industry, working as a quality and test engineer. Drawn intricately toward the field of content creation however, Mateen soon switc...

Read More

More News By Mateen Dalal

UAE extends travel ban for Indians amid strict COVID-19 guidelines
UAE extends travel ban for Indians amid strict COVID-19 guidelines
By Mateen Dalal

United Arab Emirates (UAE) has reportedly extended travel ban for individuals travelling from India and several other south Asian countries on the pretext of COVID-19 guidelines. As reported by Etihad Airlines, the ban will be followed till 31st July...

Adevinta Ventures backs Lovys's Series A follow-on investment round
Adevinta Ventures backs Lovys's Series A follow-on investment round
By Mateen Dalal

Adevinta Ventures, an investment arm of Adevinta, has announced its investment in French insurance service provider ‘Lovys’, marking as its first investment in France in the Fintech and Insurtech sector. With this investment, Adevinta Ve...

Indian EV startup eBikeGo expands fleet to 2,100, hires 70 employees
Indian EV startup eBikeGo expands fleet to 2,100, hires 70 employees
By Mateen Dalal

The company is aiming for achieving a 2% share in the Indian electric two-wheeler market, with plans to deploy 200,000 e-scooters across 100 cities eBikeGo, an electric vehicle startup, has recently revealed that it has increased its fleet of electr...