Ryder System Inc. (NYSE:R) is using its new venture capital fund for startups in the supply chain and transportation technology space to help it understand and quickly adapt to disruptive influences.
By working with Silicon Valley incubators and accelerators such as Plug and Play Tech Center and Autotech Ventures, Ryder is getting a head start on technologies that enable e-commerce, electric and autonomous vehicles, truck sharing and data analytics, Karen Jones, Ryder’s chief marketing officer, said in virtual chat during FreightWaves’ FreightTech Venture Summit on Wednesday. RyderVentures is targeting $50 million in investments over the next five years.
“Part of the reason startup companies are really attractive to Ryder is that we have over 50,000 customers. We play in fleet management, dedicated and supply chain businesses. So we had real-world laboratory abilities to match their technology. They’re really great at technology. We’re really great at operations and having customers, so bringing those things together is really a great recipe,” Jones said.
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