The Algorithm People secures funding for transport planning tech
The Algorithm People has secured £500,000 of investment to bring to market a new transport planning platform which will allow organisations to increase vehicle utilisation, cut costs and reduce emissions from road transport. It also includes features for getting the best out of electric vehicles (EVs) as part of a wider fleet.
Using the Software as a Service (SaaS) model, My Transport Planner is an on-demand, pay-as-you-go solution. Costing less than the savings it generates, this self-funding technology delivers a near-instantaneous return on investment.
Colin Ferguson, CEO of The Algorithm People, said: “With growing fears over air pollution and climate change, fleet managers are under pressure to reduce both emissions and fuel use. EVs are an ideal way to achieve this; but their use requires careful planning. My Transport Planner shows organisations how to achieve maximum return on investment for EVs as well as 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.”
The investment comes from the North East Venture Fund (NEVF), supported by the European Regional Development Fund and managed by Mercia. It will enable The Algorithm People to further develop the platform and build a management, sales and marketing team, creating 13 new jobs initially.
Ian Wilson, Fund Principal with Mercia, added: “The Algorithm People is led by a highly experienced team which has spotted a gap in the market. My Transport Planner will help operators to make the transition to electric vehicles and open the market up to smaller businesses who do not currently use this type of software. This investment will allow the team to put their plans into action and drive sales.”