Wise Systems, a Cambridge, Mass-based startup founded by a group of Harvard and MIT graduates, hopes to improve and transform operations for delivery fleets in industries ranging from food and beverage to passenger transportation.
The route-optimization startup does something called autonomous dispatch, which involves solving for things that make delivery service a nightmare — traffic congestion (which costs U.S. drivers a more than $300 billion annually, according to Wise), weather delays, blocked loading docks, and other factors that compromise performance and efficiency.
Gradient Ventures is a Wise believer. Google’s artificial intelligence-focused venture fund, Gradient is leading a $7 million Series A funding round for Wise.
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Wise Systems was founded in 2014 by MIT and Harvard grads, including CEO Chazz Sims.
Sims earned his bachelor of science and master’s degree in engineering at Massachusetts Institute of Technology (MIT).
He was an early fellow in Code2040, a nonprofit intensive career accelerator for Black and Latinx college and graduate-level computer science students. Named for the decade when the majority of the U.S. will be people of color, Code2040 works to widen opportunities for Black and Hispanic professionals.
After launching his own company in 2014, Sims hired another Code2040 fellow to work at Wise.
“We are a diverse team with a diverse network, and so we just continue to feed off that,” Sims told Fast Company.
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Wise’s goal is to use data to transform how goods and services are transported in cities. Wise Systems powers transportation operations in more than 50 locations with thousands of drivers, optimizing delivery for customers ranging from multi-billion dollar global enterprises including Anheuser-Busch to regional operations, according to a press release.
“Autonomous dispatch and routing is the next-generation technology that logistics professionals need to meet the increasingly complex requirements of the rapidly evolving economy,” Sims said in a prepared statement. “Our technology positions fleets to meet today’s and tomorrow’s needs, reshaping delivery in the $10-trillion logistics and transportation industry. We’re delighted that Gradient Ventures has invested in Wise’s vision as we build the future of how goods and services are delivered.”
Google parent Alphabet launched Gradient Ventures in July 2017 as a new firm within Google to invest in early-stage artificial intelligence startups, CNBC reported.
Gradient planned to invest in 10 to 15 deals its first year, committing $1 million to $8 million in each, said Anna Patterson, founder and managing director of the firm.
“If we’re really going to help AI happen faster, we needed to be more involved in the community,” said Patterson, who spent about a decade at Google working on Android, search, advertising and AI.
Gradient isn’t just another Silicon Valley funding source for startups, or even a typical corporate venture capital group. Alphabet already has GV (formerly Google Ventures), which backs startups at all stages, and CapitalG (formerly Google Capital), which invests in later-stage companies.” — Jordan Novet, CNBC
The Google-led funding round brings Wise’s total funding raised to date to $8.5 million This includes participation from the following existing Wise investors:
Gradient portfolio companies get perks such as advanced AI training from Google with a Google engineer working onsite and providing assistance for a set period of time, Patterson said. Another perk is that portfolio companies can access training data that Google has accumulated to train its own AI systems.
Startups participating in the program include Aurima, Cape, Cogniac and Dyndrite.
What a fantastic event – thank you to @TheLABMiami team! #FOLTech2018 pic.twitter.com/A4L5o2QsCC
— Wise Systems (@goWiseSystems) November 15, 2018
