The Algorithm People, a Newcastle, UK-based fleet software company focused on for electric vehicles, raised £500k in funding.
The round was led by the North East Venture Fund, supported by the European Regional Development Fund and managed by Mercia.
The company intends to use the funds to accelerate development of a new “pay as you go” option, making this type of optimization technology accessible to small firms, and build their management, sales and marketing team, creating 13 new jobs initially.
Co-founded by Sarah and Colin Ferguson, The Algorithm People provides hauliers, fleet operators and final mile delivery companies with a platform, My Transport Planner, to cut costs and emissions by planning routes more efficiently. The solution can also account for electric vehicles, factoring in their limited range to show organizations how best to deploy them within their fleet.