UK-based fleet and EV optimisation specialist The Algorithm People has secured a £500,000 investment from the North East Venture Fund (NEVF) to accelerate development of a new transport planning platform.
My Transport Planner is an on-demand, pay-as-you-go SaaS solution that aims to help hauliers, fleet operators and final mile delivery companies reduce costs, emissions and fuel use by planning routes more efficiently, as well as to achieve maximum ROI.
It has also been designed to help such companies make the transition to EVs and open the market up to smaller businesses who do not currently use this type of software.
The NEVF investment, supported by the European Regional Development Fund and managed by Mercia, will also enable the company, which was launched in April 2019, to build its management, sales and marketing team, creating 13 new jobs initially.
Colin Ferguson, CEO of The Algorithm People, said: “With growing fears over air pollution and climate change, fleet managers are under pressure to reduce emissions and fuel use. Electric vehicles are an ideal way to achieve this; but their use requires careful planning.
“My Transport Planner shows them how to achieve maximum return on investment and reduce costs throughout the wider fleet. We look forward to working with Mercia and the NEVF to help us further develop the product and execute our growth plans.”
