Meight, a Évora-based startup, has raised €3.4 million in its latest funding round to expand further across Europe and accelerate the development of their cloud-based transport platform.
This funding round was led by Cusp Capital, with additional support from Grupo Lusiaves, Faber, and EIT Urban Mobility.
The new investment marks a pivotal step in Meight’s journey to expand its Intelligent Transport Platform (ITP), enhancing its suite of AI-driven automation tools and app aimed at modernising the trucking industry.
Luis Mendes, CEO and co-founder of Meight, expressed excitement about the investment and the future of Meight: “We are thrilled to have Cusp Capital leading this round, as well as having Grupo Lusiaves, Faber and EIT Urban Mobility’s continuous backing as we continue revolutionising transport management with future-proof intelligent solutions. This investment allows us to expand our footprint in Europe and double-down on our AI-powered freight planning, which already helps trucking companies to save fuel, money and time.”
Founded in 2021 by CEO Luis Mendes and CTO António Reis, Meight was born out of a passion for motorsports, a world where attention to the smallest details can make the difference between legacy and obscurity. Accustomed to nano-seconds and petabytes, they decided to take their obsession for high-precision data from the racetrack to the long-haul world of road transport, where efficiency is at the heart of the competition.
Meight seeks to innovate freight operations with a platform that offers automated dispatching, hands-free operational planning, and real-time monitoring.
According to Meight, their company is designed to cater to the largely overlooked 95% of trucking carriers—most of which are small, family-owned businesses—providing a comprehensive, paperless solution to boost efficiency and competitiveness.
By eliminating manual workflows and optimising resource allocation, Meight enables carriers to embrace digital transformation seamlessly.
The startup’s ITP integrates every phase of the freight process—booking, route planning, dispatch, and monitoring—into one streamlined system. Its interface offers real-time insights and autopilot functionality, which helps trucking companies optimise routes, reduce unnecessary trips, and transition to fully automated, paperless operations.
The platform’s proprietary fuel-saving feature also delivers measurable cost reductions for clients, making it an attractive option for logistics firms across the continent.
“Road freight carriers are the backbone of logistics, with over 500k carriers moving 77% of inland freight in Europe alone. Meight empowers the operations of road carriers with a first of its kind system of intelligence and provides direct ROI for customers via their patented fuel savings feature,” said Dr. Maximilian Rowoldt, General Partner at Cusp Capital. “We’re very impressed with the product vision and traction of Meight and happy to partner with Luis, Antonio, and the whole Meight team on their journey to building the leading system of trucking intelligence.”
Meight plans to use the funds to expand its European presence, enhance its platform’s capabilities, and further its mission of building what it calls the “Future of Trucking.”
Read the orginal article: https://www.eu-startups.com/2024/12/from-racetracks-to-truck-stops-portuguese-startup-meight-raises-funding-to-develop-transport-platform/
