BP Ventures has made a £4m investment in Dynamon, a UK-based fleet management software company.
The funding forms part of Dynamon’s Series A round and is being raised to fully commercialise and scale up its platform and expand its operations in Europe and into North America.
Dynamon’s software and analysis tools are deployed in many countries, and help businesses understand actions they can take to help decarbonise 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 £22m annual energy cost saving and 8,700 tonnes annual CO2 saving 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 optimisation tools to the transport industry.
“This is becoming increasingly critical with the transition to electric vehicles requiring both 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.
“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.”
Gareth Burns, vice president of BP Ventures, said: “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.”
Dynamon’s tools can also be utilised 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.
Stefan von Dobschüetz, general manager for BP Pulse Europe, added: “As fleets electrify, the commercial transport and logistics industry faces challenges balancing cost management, operational reliability, while understanding new vehicle technology.
“Dynamon’s simulation and data analytics tools offer those companies unique fleet-specific insights to help identify the optimum EVs and charging infrastructure to replace existing combustion engine vehicles.
This agreement between bp and Dynamon makes the tools available to our bp pulse customers and provides a range of options and solutions to effectively manage and enhance their EV fleet.”
BP Ventures was set up more than 10 years ago as BP’s corporate venture capital arm. Since then, BP Ventures has invested over $1bn in technology companies and is actively managing 40 investments.
Dynamon originated from Southampton University, following its work with Team GB to maximise its performance at the Olympic Games in 2012. We wanted to help logistics companies be more efficient by saving fuel and reducing CO2emissions.