Through a partnership with AWS, the Convoy marketplace team got the chance to tell our story of how we're using machine learning and AWS to transform the trucking industry. Machine learning is core to what we do at Convoy and how we approach problems on behalf of truck drivers and shippers. Effective application of machine learning has enabled us to utilize our data to better serve our customers, improve the lives of truck drivers like Wade from Bolieu Transportation Inc, and make possible network effects that create a moat around our core business. When I joined Convoy over three and a half years ago, much of this was only a pipe dream, and we've come a long way in realizing the improvements that technology and machine learning can provide to the trucking ecosystem. Wade's story is only the tip of the iceberg of the tremendous opportunity we have to really make a positive difference in the world through technology.
As Bill Gates and Jeff Bezos jockey for the designation of world's wealthiest man, the Seattle billionaires are united behind at least one local venture. They're both investors in a trucking logistics startup that competes with Uber Technologies Inc. Convoy Inc., a two-year-old Seattle company, makes software that matches nearby and available truckers to a shipping job. Convoy said Tuesday it raised a new round of funding from Bill Gates's Cascade Investment and other backers. The investment won't break the bank for Gates or Bezos, whose fortunes are within $3 billion of each other, according to the Bloomberg Billionaires Index. But Convoy has become a hot startup investment among fellow billionaires.
A convoy of nearly a dozen self-driving trucks has arrived safely in Rotterdam following a cross-border European test run, in one of the first major steps towards future automated trucking. The self-driving truck convoy was part of one of the largest convoys of these semi-automated trucks being tested by a consortium of some of the largest European truck producers, including DAF, Daimler, Iveco, MAN, Scania and Volvo. According to The Guardian, the truck convoy arrived in what are being called'truck platoons', which consist of groupings of between two and three trucks. Within the truck platoon, the three individual vehicles were connected via a wireless signal, with one truck leading and the others following suit in terms of the route the lead is taking, as well as speed. President of the group representing the manufacturers, Eric Jonnaert, said that the concept of truck platoons for self-driving trucks driving at the same speed would have a considerable benefit in terms of reducing traffic on motorways.
This image provided by the Syrian anti-government group Aleppo 24 news, shows a vest of the Syrian Arab Red Crescent hanging on a damaged vehicle, in Aleppo, Syria, Tuesday, Sept. 20, 2016. This image provided by the Syrian anti-government group Aleppo 24 news, shows a vest of the Syrian Arab Red Crescent hanging on a damaged vehicle, in Aleppo, Syria, Tuesday, Sept. 20, 2016. The airstrikes hit a truck convoy on Monday night, killing around 20 people, including a local Syrian Red Crescent volunteer. The airstrikes on Monday night hit a truck convoy, killing around 20 people, including a local Syrian Red Crescent volunteer.
Seattle-based Convoy is one of a stream of operators trying to bring to the freight world what Uber Technologies Inc. built in the on-demand passenger industry. Those companies include Uber itself with its Uber Freight business, and other technology-focused businesses like Transfix, Cargomatic Inc. and Trucker Path. Altogether, digital-focused freight management startups have drawn more than $420 million in new backing since 2011, according to industry analysts Armstrong & Associates. Convoy runs a website and mobile application retailers and other shippers can use to book trucks to move their goods, a service that's in high demand amid strong economic growth and the busiest shipping season of the year leading into the winter holidays. Like other digital freight brokerages, Convoy says it can pair shippers and carriers faster than traditional freight brokers that have varying degrees of technology.