Dynamon, a UK-based software company that specializes in developing advanced data analytics and simulation tools for commercial transport and logistics companies, has raised €4.6 million from bp ventures. The funding forms part of Dynamon’s Series A round, being raised to fully commercialize and scale up its platform and expand its operations in Europe and into North America.
With an expanding selection of EVs and more options for charging infrastructure, researching and trialling every possible solution is both time intensive and costly. Dynamon’s software and analysis tools are deployed in many countries, and help businesses understand actions they can take to help decarbonize their fleets cost-effectively, improving research and trial time.
Dynamon’s flagship software ZERO also helps to address these issues by developing solutions that could save energy and capital investment costs, including calculating the best options for adoption through planning for vehicles, charging infrastructure, energy costs, and operations analysis.
In a Dynamon 4,000-vehicle last mile trial, a customer using ZERO software identified a potential £22 million annual energy cost saving (£0.28/mile diesel vs £0.125/mile electric), and 8,700 tonnes annual CO2 saving (609.86 g CO2e/litre diesel) after the tool analysed the best solution for fleet electrification.
Angus Webb, CEO of Dynamon, said: “It is our mission to bring the most advanced fleet optimization tools to the transport industry. This is becoming increasingly critical with the transition to electric vehicles requiring fleets and suppliers to perform complex analysis to ensure that solutions will be robust and cost-effective. We are delighted to be partnering with bp to deliver our software tools to fleets. With a strong heritage in engineering and technology and servicing fleets globally, bp is a perfect partner for Dynamon’s growth.”
Global logistics and transport companies are facing a challenging transition to decarbonize and optimize fleet operations, which pressures procurement departments tasked with cost-effectively electrifying large-scale fleets. Recent bp industry research shows that nearly half of UK fleet managers (43%) and fleet drivers (41%) think they’ll begin introducing EVs to their fleets within the next two years.
Gareth Burns, Vice President of bp ventures, added: “Faster adoption of lower carbon energy and mobility solutions will help drive bp towards meeting its ambition to become a net zero company by 2050 or sooner and helping the world get to net zero. We’re very excited to be investing in Dynamon, an EV fleet software business deploying software as a service and data science to help the commercial transport industry transition to lower carbon energy fleets.”
Alongside the investment, Dynamon and bp have signed a commercial agreement to utilise ZERO, or similar tools. Working together will help bp pulse to diversify its fleet proposition and further develop its premium customer offer, providing customers with support as they increasingly look to adopt EV solutions.
Founded in 2015, Dynamon’s tools can also be utilized by existing EV fleets to get the most out of their operations, address cost management, support operational reliability, and gain a deeper understanding of battery degradation through data analytics that present the best options for their operational needs.
