VIPC Awards Commonwealth Commercialization Fund Grant to GenLogs for AI Solution for Truck and Freight Tracking
GenLogs collects data on patterns and activities of trucking companies to connect freight with trucks on U.S. roads and reduce fraud and theft opportunities
RICHMOND, VIRGINIA, UNITED STATES, October 10, 2023 /EINPresswire.com/ — The Virginia Innovation Partnership Corporation (VIPC) today announced that GenLogs Corporation has been awarded a Commonwealth Commercialization Fund (CCF) grant for $100,000. VIPC’s CCF programs have distributed more than $52 million to Virginia-based startups, entrepreneurs, and university-based inventors since 2012 in support of critical early technology testing and market validation efforts.
GenLogs applies artificial intelligence to existing traffic and privately-owned cameras to track the flow of trucks and freight on American roads. By uncovering patterns and activities of more than 500,000 trucking companies, the Arlington, Va.-based startup can connect freight brokers and shippers with more than 4 million trucks on roads across the United States. This smart monitoring allows GenLogs to understand when and where trucks are freight-free and reduce a major threat to the trucking industry: freight fraud and cargo theft, problems that costs the industry over $30 billion annually.
“After witnessing the supply chain squeeze during and after COVID-19, our team realized that unlike ships and planes, which emit signals that identify real-time locations and transport patterns, trucks don’t have a similar type of indicator,” said GenLogs CEO Ryan Joyce. “So, we set out to collect real-time data on truck traffic in the U.S. to drive efficiency and optimization of the supply chain and reduce the growing fraud and theft issues plaguing the transportation industry. VIPC’s support is helping us achieve our vision.”
“GenLogs’ novel solution is solving an expensive problem for the Commonwealth and the nation,” said Jeanette Townsend, VIPC’s Director for Private Sector Grants. “After talking with the team and their customers, it’s evident GenLogs is building a solution to a pressing problem. CCF funding will allow them to expand their customer base through the testing and deployment of prototype roadside sensors for new AI models, and we’re pleased to support them to this next stage in their commercialization journey.”
About GenLogs Corporation
GenLogs is fueling the future of America’s supply chain by building the foundational freight intelligence platform. Through a nationwide network of roadside sensors, GenLogs is extracting every shred of valuable data from every truck and trailer on major freight lanes. The data is exceedingly valuable for shippers, freight brokers, commercial auto insurers, governments, financial markets, and even the truck carriers themselves! Already GenLogs data has been used to track shipments when telematics/trackers fail and to fight theft and fraud. The data is also being used to counter illicit drug and human trafficking activities. GenLogs is making America safer and stronger by unlocking capacity for another $7 trillion of goods to flow through the U.S. economy. To learn more about GenLogs, visit www.genlogs.io.
About Virginia Innovation Partnership Corporation (VIPC)
VIPC: Connecting innovators with opportunities. As the nonprofit operations arm of the Virginia Innovation Partnership Authority (VIPA), VIPC is the commercialization and seed stage economic development driver in the Commonwealth that leads funding, infrastructure, and policy initiatives to support Virginia’s innovators, entrepreneurs, startups, and market development strategies. VIPC collaborates with local, regional, state, and federal partners to support the expansion and diversification of Virginia’s economy.
Programs include: Virginia Venture Partners (VVP) | VVP Fund of Funds (SSBCI) | Virginia Founders Fund (VFF) | Commonwealth Commercialization Fund (CCF) | Petersburg Founders Fund (PFF) | Smart Communities | The Virginia Smart Community Testbed | The Virginia Unmanned Systems Center | Virginia Advanced Air Mobility Alliance (VAAMA) | The Public Safety Innovation Center | Entrepreneurial Ecosystems | Regional Innovation Fund (RIF) | Federal Funding Assistance Program (FFAP) for SBIR & STTR | University Partnerships | Startup Company Mentoring & Engagement. For more information, please visit www.VirginiaIPC.org. Follow VIPC on Facebook, X (formerly Twitter), and LinkedIn.
About the Commonwealth Commercialization Fund (CCF)
VIPC’s Commonwealth Commercialization Fund (CCF) accepts applications and awards funding on a rolling basis to Virginia’s small businesses and university-based innovators. For Virginia’s private sector community, the competitive grant program seeks high-potential Virginia-based for-profit technology companies at the early stage of commercialization and provides grants up to $100,000. The grants support early technology and market validation efforts such as the development of prototypes or minimum viable products (MVPs), customer pilots, and intellectual property protection. For more information on funding opportunities and eligibility requirements, or to apply, visit the CCF pages from www.VirigniaIPC.org.
Angela Costello, Vice President of Communications
Virginia Innovation Partnership Corporation (VIPC)
angela.costello@VirginiaIPC.org
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