Chattanooga-based RueData secured seed funding to expand AI fleet optimization solution
The financing, led by Valor Ventures, was announced at South by Southwest (SXSW).
RueData, a visionary artificial intelligence (AI)-augmented platform that optimizes fleet utility, secured seed financing to accelerate its adoption by major fleets across North America. RueData uses a proprietary algorithm and process to save its fleet customers 30 percent on tire costs on average, while improving fuel economy, reliability, and safety.
Today, fleets covering more than 40,000 vehicles rely on RueData to improve efficiency and sustainability.
The start-up participated in the recent cohort of the CO.LAB and gener8tor Sustainable Mobility Accelerator, and upon completion decided to move the company to Chattanooga.
RueData has reduced to their clients nearly 80 percent on-road flats and blowouts —a major safety and cost concern for operators. Tires are the second-largest expense for fleets but are often overlooked.
“We’re proud to be a solution our customers can rely on, as their customers rely on them. Fleet management is a tough business, with so many moving parts and challenges. I’m grateful RueData can free leading fleet operations teams to show just how great they are,” said Sebastian Baquero, the Chief Executive Officer (CEO) and Co-Founder of RueData. “We met Valor last year, and they immediately understood our global vision and how we can empower the people who power the economy, today’s fleet operations professionals.”
“Sebastián and his team stood out right from the start with their dedication to customer success. By centralizing tire data and optimizing maintenance, we’ve improved operational efficiency, enhanced traceability, and reduced tire-related costs across Cemex’s supply chain,” said Karla Arrambedee, the Leaplab Acceleration Program Manager for Cemex Ventures. It is the venture arm of the concrete transportation company that operates in 50 countries with revenues north of $17B.
“Cemex became an early customer, and we are rolling out the platform across several of its operations,” she added.
Additional early customers include arms of the Pepsi Bottling Company, Coca-Cola Company, JBS, and Heineken.
“It’s rare to find a blue ocean opportunity like this,” said Lisa Calhoun, the Managing Partner at Valor Ventures who joined the board of RueData. “Sebastian, Jorge, and the entire team are focused on providing transparency and operational efficiency right where ‘the rubber meets the road,’ a previously un-optimized and incredibly expensive component of fleet operations. I’m extremely proud of the incredible customers they serve today in eight countries and the incredible relationships they’ll be able to scale thanks to this seed round.”
In addition to Valor, Decelera Ventures and Pittsburgh Angels also participated in the financing round.
Baquero is speaking on RueData and its work transforming fleets into more efficient, safe operations through software at SXSW at 2 p.m. on March 8 at the Tennessee House located in the Electric Shuffle Austin, 91 Red River St STE 102.
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