Los Angeles, CA, November 24, 2024 –(PR.com)– Nevoya, the first zero emissions technology and trucking platform in the United States, today announces an oversubscribed $3 million seed funding round led by Third Sphere and RedBlue Capital with participation from Necessary Ventures, Ciri Ventures and Never Lift. Its proprietary software solution, designed specifically for the trucking industry, optimizes vehicle utilization, routes, and charging costs, allowing Nevoya to operate its growing fleet of electric trucks at a lower cost than diesel.
The funding will allow the company to scale its engineering, product, and operations teams to catalyze the move to zero-emissions freight.
“At Nevoya, we’re harnessing the power of AI and machine learning to transform the trucking industry,” said Sami Khan, CEO and Co-founder of Nevoya. “Our cutting-edge technology platform will dramatically improve vehicle utilization, which in turn allows EVs to be just as cost-competitive – if not more – than diesel, driving up adoption and cleaning up our supply chain!”
For Shippers, Drivers, and the Planet
Despite 43% of heavy-duty trucking routes being electrifiable today, less than 0.1% of trucks on U.S. roads are electric. Shippers are eager to reduce carbon emissions but have struggled to find consistent, dedicated capacity at a price competitive with diesel – until now. Nevoya operates a “full-service” trucking model, utilizing its own fleet of vehicles, drivers and charging, which allows its customers to decarbonize their operations without any additional complexity or upfront investment. By focusing on short-haul, regional applications, where electrification is already feasible, Nevoya is able to decarbonize its customers’ supply chains today, whilst also appealing to drivers, who get access to state-of-the-art equipment and benefit from shorter routes, allowing them to be closer to their families.
Expert Team with Decades of Trucking and Technology Experience
Nevoya’s founding team has a wealth of relevant experience across trucking, logistics, and technology:
Sami Khan: Sami’s career spans finance, automotive and technology, including McLaren, where he gained direct exposure to electric vehicles, optimization technologies and predictive maintenance solutions, and Montagu Private Equity.
John Verdon: JV has over 10 years of trucking experience, starting at Motive, where he helped to scale the business from pre-revenue to >$100m ARR, and recently at Waymo, Alphabet’s autonomous driving division, where he led the execution of commercial trucking activities
Tom Atwood: Tom was the first hire at ClearMetal, helping to build the business into a leader in supply chain analytics, leading to its successful exit to Project44 in 2021, where he helped to solve problems such as infrastructure planning, routing optimization and ETA visibility.
The team has attracted expert advisors including industry veterans:
Emily Phillips: Previously Chair of XPO Logistics’ sustainability committee, and now advises companies on decarbonization of their transportation and supply chain networks
Ed Feitzinger: Previously VP for Global Logistics at both Amazon and HP, and has since served as an advisor to a number of start-ups
Benjamin Gordon: Founder and Managing Partner of Cambridge Capital, a supply-chain focussed investment firm. Benjamin was one of the first investors in XPO Logistics and now works with a number of start-ups in the supply chain and logistics space, including Greenscreens.ai, ReverseLogix and Bringg.
“I’ve dedicated my career to working with companies that innovate and lead in the supply chain sector,” said Benjamin Gordon, Managing Partner of BG Strategic Advisors. “The good news is that over the last decade, I’ve seen serious demand for zero-emissions trucking capacity. The bad news is that the industry has been a bit of a clean energy desert. The great news is that Nevoya’s unique approach to zero-emissions freight, combining advanced technology with cost-competitive solutions, is set to reshape the industry.”
About Nevoya
Nevoya is making zero-emissions freight the industry standard. Its proprietary software solution and trucking platform optimizes vehicle utilization, routes, and charging costs, proving that electric trucks can be cost-competitive with diesel. Focused on efficiency and sustainability, Nevoya is paving the way for a cleaner, more affordable future for shipping and the planet. Learn more at https://www.nevoya.com/
About Third Sphere
Third Sphere works for founders accelerating the transformation of global systems to better serve humanity and the planet, now and into the future. Founded in 2013 by veteran angel investors, engineers, and founders, Third Sphere has made over 100 early-stage climate investments and is ranked in the top few percent of climate tech investors on NFX Signal, Founders Choice, Techcrunch and Climate 50.
About RedBlue Capital
RedBlue Capital is an early-stage venture capital fund focused on investments in leading mobility and logistics companies. Their thematic focus enables them to swiftly identify and secure prime investment opportunities, and drive accelerated growth post-investment.
For media inquiries, please contact:
Sami Khan
Chief Executive Officer
Nevoya
sami@nevoya.com
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Stay tuned for more updates on Nevoya’s exciting developments and progress in the electric vehicle sector.
