Fleet Technology is the new shareholder in the thyssenkrupp start-up carValoo, acquiring 77.5 percent of the shares. Artificial intelligence is becoming groundbreaking for fleet operators and is intended to detect damage more quickly. The plan is to triple the number of customers within the next two years and to open up new markets.
New partner and shareholder drives thyssenkrupp start-up carValoo forward
Fleet Technology GmbH is the future majority shareholder in the thyssenkrupp start-up carValoo. As a new partner, the company holds 77.5 percent, with thyssenkrupp retaining the remaining 22.5 percent. New cloud services for fleet operators are to support the desired growth course, which has already been set by the founders Nico Schön, Tom Althoff and Sophie Wei. The three will also remain managing directors of the company.
Commenting on the takeover of the company shares by Fleet Technology, the Managing Director Sales of carValoo GmbH explained that the most important goals had been achieved by finding this investor and building up a regular clientele within the first two years after the company was founded. Now it is a matter of further expanding the growth course by finding new business models and using synergies. Fleet Technology is also the ideal partner for carValoo due to its focus on mobility, IoT and the share economy.
CarValoo emerged from an innovation incubator and was spun off from thyssenkrupp in 2020. The company’s focus on the automotive segment was given from the beginning. The aim was to provide solutions for fleet management so that the usage history, damage events and condition of the vehicles could be determined with the help of artificial intelligence. So far, the solutions have been used primarily by rental car companies and car sharing companies in Germany and Europe. These ten or so important customers are to be tripled in number over the next two years. In addition, one of carValoo’s goals is to break even in the same period.
In an interview on the acquisition, Alex Kirn, founder and CEO of Fleet Technology, said that digital solutions such as those from carValoo allow for a positive business case right from the start and that efficient fleet operations are just as possible as fundamentally changing the world of fleet companies. Fleet operators could work more profitably with it. It is important that damage is precisely recorded and dealt with in an efficient damage management system.
Fleet operators complain of up to ten per cent loss of revenue due to unattributable damage to their vehicles. The expensive manual checks are usually carried out, but are not necessary in more than 90 percent of cases. The thyssenkrupp start-up carValoo relies on artificial intelligence that adapts through independent learning and precisely records the events important for assessing damage. The process can be fully automated and relieves the fleet operator. The fleet operator is informed about damage events in real time. This makes it possible to improve damage management. The path to more efficiency in fleet operations is also to be made possible by the new solution from carValoo. This is a fully automated solution for the downstream processing of vehicle damage.
Successful company foundation and innovative approaches at carValoo
The thyssenkrupp start-up carValoo relies on artificial intelligence for more efficiency for fleet operators, to increase vehicle safety and to save costs. Patterns of use and damage are recognised in real time by the intelligent app, which uses the movement patterns of the vehicles. Fleet managers thus receive information about their vehicles at any time, about fuel levels, tyre pressure and service messages. The condition of the vehicles can be assessed directly, which makes maintenance work easier to plan and repairs avoidable.
Fleet Technology as a leading provider of hardware and software solutions for fleet operators
Represented in 50 countries around the world, with more than 8,000 customers who in turn maintain over 700,000 vehicles: Fleet Technology’s track record reads terrific. The company relies on the success of its own customers and wants to make fleet management more efficient. This is possible with the help of Fleet Technology’s digital solutions, because by automating everyday processes, procedures become more effective and costs are saved. Millions of users now trust Fleet Technology’s solutions.
