Google funds routing software vendor Wise Systems
Firm raises $7 million for artificial intelligence-based fleet management tool for e-commerce delivery.
Routing software vendor Wise Systems Inc. said Thursday it has raised $7 million in funding from Google Inc.'s venture capital arm for autonomous dispatch and routing software that the firm says can help delivery fleets meet rising consumer expectations for near-immediate, fully traceable, and predictable delivery.
The funding round was led by Gradient Ventures, Google's Palo Alto, Calif.-based venture capital fund focused on artificial intelligence (AI)-based startups. Additional participation came from existing Wise Systems investors E14 Fund, Neoteny, Trucks Venture Capital, and Fontinalis Partners. Together, the new capital brings Cambridge-Mass.-based Wise Systems' total funding raised to date to $8.5 million.
With this latest investment, Wise Systems plans to scale up its operations to meet growing customer demand, accelerate research and development around AI-powered delivery management technologies, and extend its market reach, the firm said.
Wise Systems says its software will become a crucial tool for helping logistics providers adapt to customer expectations that virtually any product or service should be instantly available, despite the impact of unpredictable issues like traffic congestion, weather delays, or blocked loading docks.
The firm says its software can improve fleet efficiency, improve on-time deliveries, and reduce fleet mileage by applying machine learning techniques to variables such as real-time traffic, machine-learned service times, route-specific intelligence, and direct recommendations from drivers.
"With their applications of machine learning already delivering bottom-line savings and top-line expansion features to customers, we are excited to support Wise Systems' continued growth," Anna Patterson, managing partner of Gradient Ventures, said in a release. "Wise's large customers are redefining their abilities and re-setting expectations of last mile delivery for the on-demand age."
The funding is Wise Systems' latest move since launching a customer portal in July that gives delivery companies the ability to share key information and status updates with their customers.
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