Outrider: Company secures almost GHc300,000 to develop technology to automate trucks

Outrider: Company secures almost GHc300,000 to develop technology to automate trucks

- A transport automation company known as Outrider has secured funding valued at $53 million

- Outrider is focused on providing automated ways of managing vehicular movement in freight hubs

- The market in which it operates is likely to reach 6,700 all over the world after it raised $54.23 billion in 2019

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Outrider, a company founded in 2017, has raised $53 million to develop a technology that would make yard trucks autonomous.

This follows a growing trend which shows how driverless technology is transforming the transportation sector.

Outrider is focused on automating vehicular movement in freight hubs to reduce costs as it improves safety.

Outrider: Company secures almost GHc300,000 to develop technology to automate trucks

Source: venturebeat.com
Source: UGC

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After securing funds following a series of rounds in order to propel its vision, plans are in place to conduct a pilot test with four Fortune 200 companies.

It would also conduct business with Georgia-Pacific, one of the world’s largest manufacturers and distributors of tissue, pulp, paper, and more.

YEN.com.gh understands that Outrider neither owns nor operates the vehicles itself.

It provides a software-as-a-service (SaaS) solution for customer-owned fully and semi-autonomous freight and transportation fleets, as well as a team of technicians, to remotely monitor the progress of those fleets.

Information available shows that the market for driverless trucks is likely to reach 6,700 all over the world after it generated $54.23 billion in 2019.

It also stands to save the logistics and shipping industry an estimated $70 billion every year while boosting productivity by 30%.

In other news, a startup based in Cape Town, South Africa, has signed on 10,000 data-scientists on its platform to deal with complicated African issues.

Zindi employs the use of artificial intelligence and machine learning to achieve its objective, YEN.com.gh has learned.

READ ALSO: Bank of Ghana reveals it has received $3 billion Eurobond

The startup gives companies, government institutions and non-governmental organizations (NGOs) the opportunity to host online competitions with the use of data-oriented challenges.

Per a report by techcrunch.com, it opens the contests to African data scientists who submit solutions, move up leaderboards and win cash prizes.

According to a co-founder, Celina Lee, the highest payout given so far has been $12,000.

Those interested, referred to as hosts, are able to create new products and integrate them into their existing systems and platforms after they receive their results.

The business model has gained the attention of big corporate players such as Microsoft, IBM and Liquid Telecom.

Zindi, which is in the process of raising a Series A funding round, intends to connect its module to new platforms.

READ ALSO: Jeff Bezoz announces $10 billion fund to battle climate change

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Source: Yen

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