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