Mobitrac Secures Funding To Support Rapid Company Growth, Expanding Customer Base And Aggressive Product Roadmap
Mobitrac's Next-Generation Transportation Execution System Manages Fleet Profitability in Real-time
CHICAGO - Mobitrac Inc., the first supplier of a new generation of transportation execution systems, today said it has received $8.3 million in funding from U.S. Venture Partners, Frazier Technology Ventures, Arch Development Partners, Illinois Ventures, Illinois Finance Authority and Mentor Management to support rapid company growth, an expanding customer base and an aggressive product roadmap.
Mobitrac's next-generation transportation execution system manages fleet profitability in real-time. It is based on sophisticated patented modeling technology that makes it possible for transportation firms to manage fleet profitability and performance in real-time. For the first time, transportation managers have the power of profit-based fleet planning, real-time fleet visibility and the ability to make profit-based adaptations to real-world conditions in real time.
Mobitrac's platform strategy addresses transportation execution market requirements for a more responsive and dynamic fleet management system that can adjust to changing business conditions on a real-time basis. This is crucial to maximize a fleet's profitability. The solution, which is quickly and easily deployed within existing transportation center environments with little or no impact to current IT infrastructure and business processes, facilitates vehicle and fleet-wide decision making based on four factors: reliable route planning, real-time fleet performance visibility, continuous future predictability and the ability to instantly adapt the fleet plan to uncertain and changing real-world driving conditions.
Mounting pressures on improving efficiencies are driving firms in the transportation business, or firms that depend on transportation, to demand a new generation of capabilities from transportation execution systems.
The growth of transportation execution systems fills a critical fleet management capability gap. While most transportation-related enterprises have invested in supply chain technology that manages processes only up to and including their warehouses, these systems provide little control into what happens when orders/inventory leave the shipping dock and are delivered to customers. This creates a significant profitability and performance management gap. Some suppliers have addressed the warehouse/customer gap through pre-day planning systems, but these are typically based upon hypothetical driving conditions and static delivery routes -- not on real-world events. In addition, enterprises have begun to deploy wireless location technology to capture real-time movement of their fleets. While they have gained vehicle location knowledge, they still cannot deploy/redeploy vehicles based on accurate predictions of future locations given current conditions such as weather, traffic, road, etc.
This growing profitability and performance management gap is driving the industry to demand a new generation of transportation execution systems that dynamically manage processes after orders/inventory leave the shipping dock. These solutions must develop route plans based on real-world predictions and an intelligent scenario-based approach of identifying what would most likely happen given a variety of situations and conditions. Additionally, they must keep profitability, on-time delivery and customer satisfaction at the forefront. Such a system must model dynamically, learning from the prior day's real-world events and the daily operation of vehicles, drivers and conditions. As a result, using wireless vehicle location technology, new generation systems must enable organizations to redeploy vehicles based on relevant up-to-the minute information.
The Mobitrac board includes Tim Harvie, former CIO of USF and a respected veteran of the transportation, distribution, warehousing and logistics industries. According to Harvie, "I have been in the transportation industry for 20 years, and as a CIO, I've seen plenty of software solutions and heard plenty of vendor promises. Mobitrac has developed the first functionally-rich, easily integrated, high-performance solution capable of delivering on the promise of truly dynamic dispatch and routing, ultimately achieving the dramatic profit and performance improvements the transportation industry has been seeking for many years."
A seasoned management team leads the company, including President and CEO Mike Liddell, who has served in several executive management positions in the software and semiconductor industries.
"The market has been clamoring for the ability to manage fleet profitability in real-time," said Liddell. "We enable this by combining profit-driven route planning with the ability to make profit and customer service driven adaptations to route plans in the face of real-world operating conditions."
According to Tim Connors, general partner at U.S. Venture Partners, "Mobitrac has a committed team, world-class customers, 100% customer satisfaction, game-changing impact and a solution that deploys in eight weeks and requires little change in the enterprise. It isn't surprising to see the rapid demand we have witnessed for this type of solution."
"Mobitrac is creating a new market category in transportation execution software," said Gary Gigot, general partner, Frazier Technology Ventures of Seattle. "It's a smart, usable and valuable software platform that delivers measurable impact on a customer's income statement. In addition, with its Microsoft.Net focus, hosted model and subscription pricing, it is a next-generation software company."
The company's headquarters are located at 20 N. Wacker Drive, Suite 2000 in Chicago, IL 60606. Interested parties may obtain more information by calling 312-442-4450 or emailing info@mobitrac.com.
About Mobitrac (www.mobitrac.com)
Mobitrac is the first provider of a new generation of transportation execution software, making it possible to manage fleet profitability in real-time. Mobitrac combines route optimization and asset management with the ability to make customer service driven adaptations to route plans in the face of real-world operating conditions. Mobitrac accomplishes this by leveraging patented technology to continually gather real-time location information and predictively model future positions of mobile assets. Using Mobitrac, fleet personnel can plan profit-based routes, execute daily dispatches and adapt in real-time to dynamic changes in the field. This ensures complete visibility, productivity, adaptability and profitability of fleet performance. The company's solutions are used by less-than truckload (LTL), private fleet, pickup & deliver (P&D), specialty and service fleet organizations. Founded in 2001 and based in Chicago, Mobitrac is privately owned and funded by U.S. Venture Partners, Frazier Technology Ventures, Arch Development Partners, Illinois Ventures, Illinois Finance Authority and Mentor Management.
Source: Mobitrac