The round was led by Blue Bear Capital, a venture capital firm focused on investing in high-growth technology companies across the energy, infrastructure, and climate industries. The funding round also included an investment from Calibrate Ventures.

Established in 2014, TruckLabs is a trucking technology company that creates intelligent solutions that make a positive impact on carbon reduction and drive operational efficiencies. Its flagship technology, TruckWings™, is a tractor-mounted, smart aerodynamic device that automatically closes the gap between cab and trailer to reduce drag, improve stability, and increase fuel efficiency. Founded out of Stanford University, TruckLabs has won awards in several Department of Energy (DOE) competitions including the National CleanTech Award and CalTech's FLoW competition.