Dynamon, a Telematics Data analysis company supported by the Royal Academy of Engineering (RAEng), has closed a an early stage investment round from investors including Angels in The City (AiTC) and LBA private investors. Dynamon is a fuel saving analytics specialist for road transport. The company provides fuel saving prediction software that uses telematics data to identify which fuel saving products transport and logistics companies should invest in. Fuel is the largest cost for road transport and logistics companies, and business margins are very small: ~2%.The software uses telematics data to predict fuel saving and ROI for any vehicle and fuel saving product. This significantly improves the information available to transport companies. This also benefits fuel saving product suppliers because it provides the individualised fuel saving predictions they need to increase sales.This round of funding will enable the company to develop its software product beyond proof of concept and to gain initial customers. Development will focus on functionality to provide recurring revenue, and to ensure that accurate, actionable and realistic fuel saving recommendations can be provided at scale. This development phase will involve initial pilot customers.
Anthony Clarke, LBA CEO, comments, “fuel costs are a the biggest single costs faced by transportation and logistics companies. The Dynamon software solution enables its customers to better analyse and manage their fuel transportation costs, thereby reducing overall costs and leading to a positive environmental impact. This round of funding will enable the company to significantly bolster its commercial activities and accelerate its growth ”.