Wise Systems, a Techstars, MassChallenge and MIT Global Founders’ Skills Accelerator alumnus, has raised $15 million in a Series B round, led by Valo Ventures, a Palo Alto-based fund that invests in applied AI companies. Existing investors Gradient Ventures, Prologis Ventures and E14 Fund also participated in the round.
This round brings the company's total venture funding to $23 million.
Founded by a group of MIT and Harvard graduates in 2014, Wise Systems develops enterprise software to help companies optimize delivery routes. The company collects data such as real-time traffic, machine-learned service times and route-specific information to improve on-time deliveries and reduce fleet mileage.
The startup's clientele includes Lyft and Anheuser-Busch and others. Since the coronavirus pandemic, some clients including Texas-based beverage distributor Andrews Distributing and Minnesota-based BIX Produce started using Wise System's “dynamic routing capabilities."
Funds from this round will be directed towards developing its AI platorm, boosting its research and development efforts in machine learning and growing its network of global clients.
"Our platform meets the increasingly complex needs of an economy that is rapidly moving to dynamic fulfillment for B2B and B2C operations," said Wise Systems CEO Chazz Sims in a statement. "As recent events have highlighted, there’s an increasing need for dynamic solutions that rapidly adapt to demand volatility and enable customers to simultaneously maximize fleet efficiency and improve customer experience."
