The amount raised will be used to accelerate the startup's expansion strategy, as well as the recruitment process.
The startup Meight announced the completion of a seed funding round of €1.3 million, led by Portuguese venture capital firm Faber. The operation will enable the startup to accelerate its expansion strategy, as well as the recruitment process, particularly of software engineers.
“At Meight, we believe that on every journey, carriers and drivers can spend less and use fewer resources. Meight brings technology to an old industry that lacks the resources and know-how to enter the new digital age. Professional drivers are not going away, autonomous driving is not the answer for a complex industry, so we need to find alternatives to boost one of the most fascinating, and impactful, contributors to world trade,” says Luís Mendes, CEO of Meight, in a statement.
The amount raised will allow Meight to accelerate its expansion strategy, focusing specially on Germany, and to continue the recruitment process to further develop the data infrastructure, according to the company. The sought-after professionals are mainly software engineers.
In addition to Faber, the round was attended by family holding company Lusiaves SGPS, German venture capital firm Superlyst, the European Institute of Innovation and Technology (EIT) and a strategic syndicate of business angels, such as Ryan Petersen, the founders of Unbabel and venture capital firm Dispatch Ventures.
Established in 2018, Meight has created an artificial intelligence platform that is able to predict, monitor and manage ground operations, freight transport, notably fuel consumption management and all work tasks.