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Tech Topics In This Article: Chattanooga startups, VC funding, logistics startups, SaaS
This week, startups from across the world are flocking to Austin, Texas for the annual tech, music, and media conference South By Southwest (SXSW).
Southeast startups are no exception. Whether speaking on panels, pitching to VCs, or spending time in regionally-focused spaces like the Tennessee House, local startups are looking to capitalize on the energy of SXSW.
But the busy conference schedule hasn’t stopped startups like Ruedata, a Chattanooga-based startup with roots in Central America, from closing new funding deals.
The team, led by CEO and co-founder Sebastian Baquero, just announced it has secured a new round of seed funding. Atlanta-based Valor Ventures led the round and was for a total of $2 million, Baquero told Hypepotamus. Decelera Ventures and Pittsburgh Angels also participated in the round.
Pepsi Bottling Company, CocaCola Company, JBS, Cemex, and Heineken are already Ruedata customers. The funding will help Ruedata with its North American expansion efforts.
The “Blue Ocean Opportunity” In Tires
“It’s rare to find a blue ocean opportunity like this,” said Lisa Calhoun, managing partner at Valor Ventures, in a statement. “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.”
Following the funding round, Calhoun will also join Ruedata’s board.
The AI-powered startup is focused on the fleet management and tire industry. Its technology is designed to help fleet companies that need to manage and optimize the life cycle of tires. Through its AI-powered platform, RueData offers real-time visibility, inventory control and data to help with accident prevention.
This is critical for large fleet services that are looking for ways to “reduce the probability of an accident, a blowout tire, or a flat,” Baquero told Hypepotamus, since tires are the second-largest cost for fleets. “We’re able to predict or suggest which is the best tire based on all the data.”
Early adopters of the platform have seen their tire costs cut by 30% and a reduction in on-road flats and blowouts by up to 79%, according to RueData.
It is also an environmental play. Over 1.5 billion tires are discarded worldwide every year. Ruedata says it helps to reduce a fleet’s carbon footprint by optimizing the tire management process.
Baquero built his career in the car and tire import business, where he saw first-hand the operational inefficiencies in the space. He told Hypepotamus that building Ruedata in the Southeast region was particularly important given its strong support for transportation and logistics-focused companies.
