GenLogs secures $60M to keep tabs on trucking industry with AI and roadside sensors – News

Trucking intelligence startup GenLogs Corp. says it’s going to inject artificial intelligence smarts into the freight industry after raising $60 million in a new round of funding today.

The Series B round was led by Battery Ventures and saw participation from the likes of IVP, Cathay Innovation, 9Yards, Venrock, Steel Atlas, HOF Capital, TitletownTech and Autotech Ventures. It brings the startup’s total amount raised to date to $81 million.

GenLogs was founded in 2023 by a trio of former U.S. intelligence community professionals who hit upon the idea of applying analytical rigor to what used to be one of the most opaque industries in the U.S. economy. Its flagship product is the Truck Intelligence platform, which combines a network of roadside sensors deployed nationwide with AI algorithms in order to track the movement of truck fleets across the country.

The founders say that the trucking industry is responsible for shifting more than 70% of all freight in the U.S. and is clearly vital to its economic health. Even so, the sector has always been plagued by the absence of real-time visibility. No one knew what carriers were operating, where their trucks were going, what they were transporting or whether or not they were even operating legally. The company says this total lack of insight made it extremely difficult for brokers, insurers and shippers to make informed decisions regarding capacity, compliance and risk.

The Truck Intelligence platform changes that. It taps into millions of roadside cameras and sensors to keep track of where trucks are, augmenting these data points with information collected by satellites and third-party sources. It then applies its proprietary AI to try and identify patterns that matter for the customers that use their services. For instance, it can help to identify carriers by their U.S. Department of Transportation or Motor Carrier numbers, track the movements of their truck fleets in real time, and flag any mismatches between a carrier’s digital footprint and its real-world behavior.

According to GenLogs, what sets it apart is the Truck Intelligence platform’s focus on empirical observation data. Instead of relying on self-reported data from carriers or irregular inspections, it continuously monitors commercial fleets as they roam around the country, trying to identify deviations from the norm that could indicate fraud, identity misuse and other risks.

These kinds of insights are extremely useful for many of its customers. For instance, brokers can use GenLogs’ data to vet carriers before tendering loads, while insurers can lean on it for due diligence. The platform also supports use cases such as carrier sourcing and cargo recovery efforts.

The platform could eventually transform industries like the insurance sector by feeding its empirical data to predictive AI models. It can facilitate the creation of new pricing models based not on aggregated claims history but instead on live carrier behavior and historical movement patterns. Meanwhile, shippers can use GenLogs to automate carrier selection and contract pricing with more precision and reduce their reliance on static load boards.

GenLogs co-founder and Chief Executive Ryan Joyce (pictured, center, alongside his co-founders Joe Sherman and Blake Balch), who previously worked for the Central Intelligence Agency, said the trucking business is a trillion-dollar industry that’s linked to every sector of the economy.

“But it’s highly fragmented in its composition and still analog in its operations,” he explained. “GenLogs is applying many aspects of the U.S. intelligence community’s playbook to drive total visibility in the trucking industry, resulting in more efficiency, better pricing and protection against fraud and $35 billion in annual cargo theft.”

The assistance provided to various law enforcement agencies is especially noteworthy. GenLogs has helped facilitate investigations into crimes such as human trafficking, narcotics smuggling and cargo theft, the company said. In one case, it provided observational data that enabled state authorities to track a vehicle engaged in interstate trafficking and rescue a minor. In another case, federal agents leveraged GenLogs to help dismantle a drug smuggling network and make multiple arrests.

Battery Ventures General Partner Marcus Ryu said GenLogs has built up an entirely novel and extremely rich dataset that provides great value to the customers it serves. “Ryan and his co-founders had the insight to recognize that the mission-critical work of multiple industries could be transformed by an incorruptible ground truth of nationwide trucking operations and freight movement,” he explained.

Photo: GenLogs