Nevoya Secures $9.3M Seed for EV Truck Fleet Expansion

Los Angeles-based Nevoya secured $9.3 million in a seed funding round. Lowercarbon Capital led the investment. Consequently, this funding supports the company's ambitious goal of expanding its electric vehicles truck fleet.

Nevoya provides electric trucks to shippers. The company currently transports goods for 10 Fortune 500 companies. Moreover, its services in California achieve cost parity with similar-sized diesel trucks. This marks a significant operational achievement for the Nevoya EV truck fleet.

Expanding EV Logistics

The company extensively uses artificial intelligence to optimize its trucking operations. AI streamlines route planning, load matching, and balancing. Furthermore, AI manages charging schedules and battery performance, enhancing overall efficiency and minimizing energy consumption for the Nevoya EV truck fleet.

Nevoya plans significant expansion beyond California.

New markets include Texas, with freight operations already underway in Houston and Dallas. Additionally, the company will invest in building more dedicated charging infrastructure. Nevoya adopts a decentralized management model for new locations, similar to Uber, hiring general managers to oversee regional operations. Floating Point and LMNT Ventures also participated in the round. Existing investors Third Sphere, Stepchange, and Never Lift contributed. Furthermore, Qasar Younis, founder of Applied Intuition, also invested, recognizing the potential for AI and an autonomous future in the supply chain sector. This strategic investment aligns with broader trends seen in companies like Waymo and Tesla in the evolving transportation landscape.