The venture capital arm of oil and gas giant BP has made a £4m investment into Southampton headquartered fleet management software company Dynamon.
Dynamon’s backing from BP Ventures comes as part of a more extensive Series A round to fund its international expansion to Europe and North America, in addition to commercialising its fleet software.
“It is our mission to bring the most advanced fleet optimisation tools to the transport industry,” said Dynamon’s chief executive Angus Webb.
“This is becoming increasingly critical with the transition to electric vehicles requiring both fleets and suppliers to perform complex analysis to ensure that solutions will be robust and cost-effective.”
Features of the mobility manager’s software include data analytics, along with the ability to simulate commercial and logistics operations.
The firm says in a 4,000-vehicle “last-mile trial” one of its users noted a possible saving of £22m in annual energy costs when comparing £0.28 per mile with diesel to £0.125 per mile by switching to electric.
“As fleets electrify, the commercial transport and logistics industry faces challenges balancing cost management, operational reliability, while understanding new vehicle technology,” said Stefan von Dobschüetz, general manager of BP Pulse Europe.
Autonomous vehicle software developer Oxa, formerly Oxbotica, is also part of BP Ventures’ portfolio.