Bangkok-based startup DRVR, which provides a fleet intelligence platform for the logistics industry, is close to raising US$450,000 in fresh funding from an undisclosed group of investors, a top executive of the firm told e27.
DRVR has earlier secured a small round of funding from an angel investor group in Hong Kong.
“We are looking to close a small bridge round of US$450,000 which will be used to deliver some major projects for large Japanese car makers and others,” Founder David Henderson said. “This round should be closed in a couple of weeks.”
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DRVR was founded in 2015 by Henderson (CEO), Yevgen Peresada (Chief Architect), and Damien Williams (CFO). It provides a fleet intelligence platform that helps businesses reduce the cost of operating vehicles. The firm uses telematics that allows devices to send and receive information across large distances to track vehicle performance, driver behaviour, unscheduled stops, etc.
Sharing more details about the product, he said: “Suppose you have a fleet of trucks delivering goods. As soon as a truck leaves your warehouse, you lose the visibility of it. You don’t know where exactly the truck is, how it’s being driven, or if someone is pinching your cargo or valuable fuel, etc. What if you could make a digital clone of the truck and put that on the internet? You could suddenly see in real time information about the way it is being driven. This is what we do. We can also help you predict if it’s going to break down and help you service it. We take this raw data and we transform it into actionable knowledge.”
Currently, DRVR is focussing on the ASEAN markets. “We see a huge opportunity across the region. We are targeting customers with large fleets of vehicles. Our main is to connect the vehicles of Asia. We aim to do that through winning the vehicles makers and dealers. We have a strong partnership with Cycle and Carriage and Daimler, and have been delivering the first connected truck service in Myanmar.”
Thailand also has massive potential, says Henderson. “The government has launched an initiative called Thailand 4.0, which is aimed at transforming the economy from a largely paper-based one to a digital one.”