Electric vehicle software startup to create new jobs with £500k investment
A North East startup that specialises in software designed with electric vehicles in mind has secured a £500k investment from the North East Venture Fund (NEVF).
The Algorithm People aims helps hauliers, fleet operators and final mile delivery companies plan routes through its platform My Transport Planner.
This latest investment, supported by the European Regional Development Fund and managed by Mercia, will enable the startup to accelerate development of a new ‘pay as you go’ option.
In addition, the firm plans to increase its management, sales and marketing team as a result of the funding, creating 13 new jobs initially.
Colin Ferguson, chief executive officer of The Algorithm People, commented: “With growing fears over air pollution and climate change, fleet managers are under pressure to reduce emissions and fuel use. Electric vehicles are an ideal way to achieve this; but their use requires careful planning.
“My Transport Planner shows them how to achieve maximum return on investment and reduce costs throughout the wider fleet.
“We look forward to working with Mercia and the NEVF to help us further develop the product and execute our growth plans.”
Ian Wilson, fund principal with Mercia, added: “Algorithm People is led by a highly experienced team who have spotted a gap in the market.
“My Transport Planner will help operators to make the transition to electric vehicles and open the market up to smaller businesses who do not currently use this type of software.
“This investment will allow the team to put their plans into action and drive sales.”
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