Author Archives: eyesvc

Soot, a front-backed product, wants to upgrade your filing system

He said that everyone in a rainforest lives in a privileged acoustic space. “As a consequence, the soundscape of a rainforest can be an orchestra of information.” In a single frame and standing in one place, you can hear tens or thousands of pieces information. It’s all accessible, allowing you to extract so much from the environment.

Harper was the senior sound director for autonomous driving startup Zoox at the time (acquired in 2020 by Amazon). He was thinking about sound but he also thought about what this idea could look like visually.

Harper was struck by how limited screens can be. How little we can see all at once. How many tabs are you able to see at one time? I can only see two tabs at a time.

Harper said, “We can do much better than that.”

Harper founded the spatial filing system startup Soot. The company recently raised $7.2 million in a seed round led up by Upfront Ventures and including Michael Mente (cofounder and co-CEO of Revolve) and former Beats executive Omar Johnson. Village Global and Compound have provided pre-seed financing.

It’s hard to describe Soot unless you actually see it. Harper describes it as a “visualization tool that allows you to import and organize different files types, collaborate with AI and layer on creative AI to generate new content.” Fuller explained to me the term “vector database” as a “super organized filing system for data.”

Fuller said that instead of storing data in text or numbers, a vector database stores data as points on a large multidimensional surface. “Each bit of information is on a huge map.”

You’ve got to see it. (You can here). But seeing it also facilitates another question. What is the actual use case for this product? Mente, an investor in Soot, says that he sees uses for consumers and enterprises. The technology could be used as a browser interface to help customers like me who are always searching for specific clothing (in my case, I’m looking for a blazer). Mente suggests that Soot’s technology could be used to organize an organization with visual products.

“Seeing value from both sides” is exciting, says Mente who cofounded the online fashion giant Revolve in 2003. “Companies tend to focus on either one side or the opposite.”

Jefferson Hack, the cofounder of Dazed Media, is one of Soot’s first customers. Hack will use Soot for an AI-powered search in the digital version of Dazed Media’s magazine. He expects to roll out “first explorations” this autumn, according to Fortune.

Hack stated that he was personally excited about what Soot’s technology can do for creators with large archives, and how it will help engage their fans in a deeper and enhanced discovery. He also noted that he believed Soot’s technology can be applied to a variety of different aspects of digital content and media distribution, including online shopping, museums, and cultural institutions.

I’ve played around with various Soot interfaces. From those with Pokemon (I was instantly drawn to the water Pokemon), to photography (I love negative space), to clothes. Even though I found the interface intuitive I thought it was just for fun. That is, until I saw a dress that I was ready to buy.

Fuller said that having assets in this format makes logical sense. “I instantly thought, ‘This is the future’.”

Soot is the perfect solution for this. No more endless page-scrolling. Just a visual interface where you can follow your instincts and gravitate towards the things you find most fascinating. It turns out that it’s similar to those rainforest sounds: Your eyes can find what they want in a sea full of images.

In the event you missed it…Ilya Sukseker, who cofounded OpenAI, but left the company last May, has launched a brand new company called Safe Superintelligence or SSI, with Daniel Levy & Daniel Gross.

See you tomorrow

Allie Garfinkle

Twitter: @agarfinks

Email: alexandra.garfinkle@fortune.com

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Joe Abrams has curated the deals section in today’s newsletter.


VENTURE DEALS

Vecna Robotics is a Waltham-based company that provides self-driving robots, pallet jacks and other robots. The company raised $100 million from Tiger Global Management and Proficio Capital Partners in its Series C funding.

GrayMatter Robotics in Gardena, Calif., which develops autonomous robots for manufacturing has raised $45 million Series B funding. Wellington Management led the round, which was also joined by NGP Capital and Euclidean Capital. Advance Venture Partners and SQN Venture Partners were also involved.

PQShield is a cybersecurity company based in Oxford, U.K., that raised $37 million as part of its Series B funding. Addition led the round, which was also joined by Chevron Technology Ventures and Legal & General.

LD Carbon, a company based in Seoul, South Korea, that creates eco-friendly products from old tires, has raised $28 million as Series C funding. Woven Capital led this round, which was also joined by Meritz Securities and Investwith.

Tandem Health, an AI copilots developer based in Sweden, raised $9.5M in seed funding. Northzone led the round, and was joined by Amino Collective, angel investors and Northzone.

Hark, an online platform for customer feedback based in New York City, has raised $3.5 million as seed funding. Oceans Ventures led this round, which was also joined by Converge VC and Atman Capital.


PRIVATE EQUALITY

– Riverpoint Medical acquired CP Medical of Norcross, Ga., a manufacturer of surgical and animal wound closure devices. The financial terms were not disclosed.


OTHER

Workiva (NYSE WK) has acquired Sustain.Life a carbon accounting platform based in New York City. The financial terms were not disclosed.

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NFI acquires Transfix brokerage, but company’s TMS will live on

NFI on Wednesday announced its acquisition of Transfix’s digital freight brokerage operation, thereby freeing Transfix up to focus solely on becoming a provider of transportation management system (TMS) software.

For NFI, the move adds more than 15,000 carriers to its network, and had been some time in the works. 

“NFI’s acquisition of the assets of Transfix’s brokerage division and the simultaneous shift of Transfix’s core business signaled new opportunities for both companies,” an NFI spokesperson said. “Transfix was looking to create a differentiated TMS in the market that brokers like NFI can leverage. At the same time, NFI was able to acquire a shipper base to leverage its best-in-class service model that helps automate freight.”

While sometimes a broker changing hands can mean carriers caught under a load might go unpaid, the NFI spokesperson said that wouldn’t be the case now. 

“We have been in touch with the carriers under a Transfix load” they said, noting the carriers “will experience a seamless transition since NFI is utilizing the Transfix TMS solution.”

Camden, New Jersey-based NFI owns and operates more than 70 million square feet of warehouse space alongside a dedicated fleet of 4,900 tractors and 13,700 trailers.

Established in 2013, Transfix was among the first tech-powered brokerages, but the divesture allows the company to pivot its core business to solely focus on software and data products.

Now, NFI will become the first third-party customer to use Transfix’s TMS — the Transfix Intelligent Freight Platform. Transfix will now entirely focus on taking its technology to market as a software-as-a-service (SaaS) and data-solutions provider.

“By combining the Transfix TMS with our internally developed software, we feel we can add automation and visibility to both shippers and carriers in a deeper way,” the NFI spokesperson continued. 

“We believe the Transfix TMS will be a game changer for us,” said David Broering, president of integrated logistics solutions at NFI. “This acquisition and ongoing partnership is a great opportunity to accelerate our digital approach while combining our operational strength with their technical expertise to create more value for our customers and carriers.”

Jonathan Salama, Transfix co-founder and CEO, noted NFI was “the perfect cultural and operational fit for our customers, carriers, and team.”

“As someone who grew up in the brokerage business, I am thrilled about the next chapter at Transfix,” added Drew McElroy, co-founder and chairman of the board at Transfix. “Opening up our decade of technological advancements to brokers industry-wide is set to create substantial value for brokers everywhere. I am also deeply appreciative of NFI’s commitment to advancing the industry by incorporating our technology and for welcoming many of our talented teammates.”

[Related: Transfix streamlining carrier onboarding with Highway compliance checks]

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Descartes acquires UK logistics platform BoxTop for 18 million Canadian dollars

The Kitchener-Waterloo-based Descartes Systems Group acquired English shipping management platform provider BoxTop Technologies, for PS10.25million ($18million CAD).

Descartes has grown by actively acquiring companies in the freight, transportation and supply chain management sectors.

BoxTop, based in Windsor, UK, is a platform that allows small-to medium-sized logistics service providers to manage their shipping operations. It includes quoting, booking, routing and analytics dashboard.

Scott Sangster said that Descartes and BoxTop have been working together for several years. He added that the acquisition of BoxTop was the next logical step in their partnership.

Sangster stated that “BoxTop is an excellent solution for smaller- to midsized LSPs and we see the opportunity to integrate it with other solutions on [the global logistics network]”. This will allow us to provide more value to BoxTop’s customers and expand our geographic footprint into more European countries.

Descartes CEO Edward J. Ryan stated that LSPs continue to digitize their operations, and that the company wants small-to-medium-sized LSPs to have access to the same solutions to “manage the lifetime of shipments.” Ryan also added that Descartes was “excited to welcome BoxTop employees, partners, and customers” to the company.

RELATED Acquisitions across the pond: Descartes buys ASD and HR Path buys GroupeX

Descartes, founded in 1981 and listed at the Toronto Stock Exchange (TSX) since 1998, offers software solutions to manage and monitor logistical processes, such as delivery resources and invoices.

Descartes has grown by actively acquiring companies in the freight, transportation and supply chain management sectors.

Descartes purchased Irish Aerospace Software Developments for EUR54m ($79m CAD) in April. The deal was closed with cash on hand, but “final arrangements” are expected to be completed by the end January 2025. Ken Wood, executive vice president of product management at Descartes said that the firm saw potential combining ASD’s RFID tracking solutions with their own real-time tracker.

In 2018, Descartes acquired Toronto-based PinPoint which collected real-time information on trucks and mobile employees. Descartes acquired Foxtrot and XPS Technologies in 2022 for a total of $61.1 million USD. In 2023, the company continued its acquisition spree by acquiring Supply Vision from Arizona for $12 million USD, and GroundCloud from Minnesota for $138 millions USD.

Image courtesy of David Vives via Unsplash

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End of the month is scheduled for completion of SA Memorial for 53 migrants killed in hot trailer

The end of this month is the deadline for the completion of a memorial to honor the 53 migrants who perished in the back of an sweltering tractor trailer 2022.

The memorial will consist of a slab made of concrete and 53 blocks of limestone, one for every life lost. It will be located along Quintana road in San Antonio, Texas. Each block will be the same height as the migrant’s age.

“Our youngest victim is 13 years old. So, the boulder will be 13 inches long,” District Four Councilwoman Adriana Rocha Garcia told KSAT.

The memorial is expected be completed by the 29th of June. Rocha Garcia said that 53 crosses are already lining the road where the memorial is to be built.

“We thought that this memorial would be a good opportunity for them to pray and perhaps get a little bit of closure. They might even find out where their loved ones were when they breathed their last breath,” she said.

“I’m glad that this is going to be done because maybe one day, we won’t be able to come back and fix our crosses. But there will be something permanent down there,” said Angelita Overa, who cares for the crosses despite not knowing a single migrant.

She said, “These 53 souls were lost here.” “I love them.” They were human beings.”

“How could they not have given them air conditioning, water, or anything in that 18-wheeler?” Olvera asked of the migrants trapped in the parked vehicle.

On June 29th, at 5 pm, a rosary service is being held at the newly-opened memorial.

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INTERCARGO Notes Safety Improvements in Dry Bulk Shipping Sector

A new report by the International Association of Dry Cargo Shipowners INTERCARGO shows that the dry bulk shipping industry has seen safety improvements for the past decade.

The report highlights a significant reduction in ship losses and deaths in the sector despite a growth of 20% in tonnage in the last ten year.

The annual Bulk Carrier Casualty Report from INTERCARGO tracks the impact of safety initiatives across the global industry by recording yearly data on vessel losses and deaths.

According to the latest report, the fleet of bulk carrier vessels increased by 20% between the years 2014 and 2023, reaching 12,200 vessels. These vessels now account for more than 40% of the global tonnage, and transport approximately 55% of the global transport work.

The report’s conclusions are encouraging. Despite the growing fleet, there has been a noticeable decrease in vessel losses. Between 2014 and 2023 21 bulk carriers with a deadweight of more than 10,000 tonnes were reported as lost, resulting in the tragic deaths of 89 seafarers. In 2023, there was only one total loss and no deaths of a dry bulk ship. The vessel that sank was the Chinese M/V Yong Xing56 which flooded in Russia after a hull rupture by ice.

Credit: INTERCARGO

Despite improvements, cargo liquefaction, and other moisture-related cargo failures continue to be a concern. These contributed to 55 deaths or 61.8% total of the lives lost over the last decade. The primary cause of ship loss was identified as groundings. All stakeholders must be more aware of safety and provide accurate information about cargo characteristics to reduce these incidents.

Major contributors to improved safety in the maritime sector include the continuous safety improvements made by ship operators, the improved international regulatory framework and the adoption of modern technology for ship design. INTERCARGO has played a major role in the development of this enhanced legislation as a Non-Governmental Organization (NGO) within the International Maritime Organization.

“We have come a very long way since those ‘dark’ 1980s days, when we suffered many tragic losses in lives and vessels,” said Dimitris Fafalios. He noted that safety performance has steadily improved. He called the latest statistics “impressive” when he considered the dramatic increase in bulk carriers over this period.

“There is no room for complacency.” The shipping industry should pay close attention to these contributing causes, as any loss of life is tragic. INTERCARGO believes that the dry bulk industry should be proud of their achievements and recognize that improved safety is largely due to continuous crew and shore staff training, improved ship designs, new technology, and stronger regulatory compliance,” he stated.

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Love’s attributes global business success to a good reputation and good employees

Love’s attributes its global success to the hard work of its employees and the maintenance of their good reputation over the past 60 years.

The Love family says that their success is due to “humble beginnings” and teamwork.

Judy Love told The Oklahoman that “we couldn’t have imagined what this company would become when Tom and I first opened our first location in Watonga, 60 years ago.” The journey has been incredible. We wouldn’t be where we are today without our loyal team and customers. I feel fortunate and that’s why I want to help others. “That’s why we’ve always donated to many nonprofit organizations.”

Tom and Judy Love opened the first convenience store in the year 1964. The business has since grown to include 650 Love’s Travel Stops, 22 EZ-GO travel stops, and convenience stores, in three states. It also has a headquarters in Europe, under the Love’s owned Musket Corp. This helps the company create a stable global supply chain for fuel. The company employs about 40,000 people.

Love’s Truck Stop also purchased TVC Pro-Driver which assists CDL holders in navigating the legal and logistical licensing process, and SpeedCo which provides maintenance services and roadside emergencies for truckers and commercial vehicles. Love’s has also acquired Trillium Energy Solutions in order to expand their electric vehicle charging network. They hope to have 29 locations with fast-charging stations by the end 2024.

“My parents never imagined the growth of Love’s when they opened their first location 60 years back,” said Jenny Love Meyer. She is the daughter of Tom Love and Judy Love and chief culture officer for Love’s. “They had bills to pay, and two small children to take care of. They had to find a way to make ends meet.” My dad came up with the idea of leasing an abandoned filling-station. Through hard work, learning about the business, and, as he said, working with and employing people smarter than he, they grew the business into what it is now.

She continued, “We owe our success to both our team members and our customers.” “They have helped us grow to what we are today, while remaining true the family-owned-and-operated business models that we know set us apart from our competitors.” We always say that we will take care of our customers if they are taken care of by our teams. This has been a pretty good standard.

Love-Meyer told a meeting about the company’s community impact report that “it is important to know that he cared for the communities he served from the beginning, as he built his business.” “This caring, coupled with a desire for giving back, is the foundation of charitable giving at Love’s. This is one of the many legacies that my father left us. “… Helping others has been a Love’s tradition for many years.”

Love’s donated over $12 million in 2022 to charitable organizations, community-based causes and other nonprofits. 46% of the $12 million was donated to youth and education causes, while 20% went to health and human service organizations, 25% to civic groups, and 9% went to other community needs.

Love’s Travel Stops had a revenue of $26.5 billion dollars in 2023. This made it the 9th largest company in the US. Judy Love has a net value of $10.2 billion.

Love Meyer said, “As Love’s expanded its network and offered over the past 60-plus years, we’ve remained true to who and what we are, clean places with friendly people who work hard each day to get our customers back on the roads quickly.” Love Meyer said that the commitment to help our customers every single day, while innovating, and striving to improve, is the foundation of Love’s. This dedication extends from our leaders down to our team members across America.

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In 2022, only 7 percent of Korean startups will be exporting their products overseas

The Startup Ecosystem 2024 Conference hosted by Startup Alliance on June 20, in Yeosu (South Jeolla Province). (Photo courtesy Startup Alliance)

Members of the startup ecosystem, including venture capitalists and startup support organizations, gathered to discuss strategies for the overseas growth of Korean startups.

The Startup Alliance, a public/private partnership network for Korean startup companies, held the Startup Ecosystem Conference in 2024 on June 20 at the Venezia Resort Hotel & Spa in Yeosu (South Jeolla Province).

The Startup Ecosystem Conference, held since 2015, is a large-scale event for networking that attracts government agencies, accelerators, venture capital firms, and large companies who help startups grow. The Startup Ecosystem Conference is held at different locations each year to boost local startup ecosystems. This year it was held in Yeosu, which had hosted the World Expo in the past.

The theme of the Startup Ecosystem Conference this year is globalization of Korean startups ecosystems. Startup Korea 2023 is a study that examines the global openness and startup ecosystems in Korea. According to this study, only 7 percent (or 7,000) of Korean startups will be going overseas by 2022. Singapore and Israel, the two world leaders in startup, accounted respectively for 90 percent and 80%.

The event focused on global expansion strategies for Korean startups and the current state of startup eco-systems in Japan, Southeast Asia, the Middle East and the Middle East.

Participants first asserted that corporate venture capital (CVC), which is a form of VC, plays a crucial role in the globalization process of Korean startups. CVC companies are VCs established by companies to support their business strategies. They differ from general VCs who maximize financial profit.

Park Young-hoon is the head of d*camp, and a former vice-president of GS Retail. He said that CVC companies of large businesses groups such as Hyundai Samsung, GS, and CJ had some of largest networks. “CVC companies who have engaged in open innovation with startup companies can play a major role in helping startups to grow their businesses, based on CVC companies’ global network and capabilities.”

Han Tae-shik is an economist policy researcher at LG Business Research. He says that the impact of global geopolitical events such as the US-China war, wars and the US Presidential election on startup ecosystems must also be taken into consideration.

Han said that “large companies are reflecting geopolitical concerns in their business strategy and U.S.-based and European startup ecosystems are beginning to take these issues into consideration.” “However startups that lead in technological innovation are not affected by geopolitical issues. It will be an opportunity, rather than a crises.”

Some people also thought that Korean startups should use Japan to help them globalize. “Channel Talk represents a good example. Lee Kyung-hoon is the head of Global Brain. “The company found Product Market Fit in Korea and then went global by increasing sales in Japan,” he said. “There will be many opportunities in large markets like Korea, such as commerce and entertainment, as well as software as a services (SaaS).”

Another piece of advice was that you should expand into the Middle East. “For the next ten years, you should concentrate on Saudi Arabia and UAE, who will make massive investment, and for the following ten years after that, Egypt and Pakistan, which have large populations of young people,” said Shin Yoo Keun of Shorooq Partners based Abu Dhabi, capital of the UAE.

“It’s difficult for foreign firms to enter the Middle East. Therefore, there have been many instances of foreign companies buying Middle East companies and competing with them. For example, Uber’s purchase of Middle Eastern car sharing company Careem. We will see more IPOs as the local stock exchange grows rapidly,” Shin added.

Won Dae -roo is the CEO of Singapore startup consultancy Wilt Venture Builders. He said that many Korean startups entered Southeast Asia with no plan, without any prior analysis, or with insufficient capital. “Now they need to create strategies that are tailored to the conditions of a region, such as creating customized strategy for each country and sector,” he added.

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Crypto SWOT: Venture Capital firm Paradigm raised $850 Million for its third fund

Crypto SWOT: Venture capital firm Paradigm has raised $850 million for its third fund | Kitco News

opinion

Crypto SWOT: Venture capital firm Paradigm has raised $850 million for its third fund

Kitco Media
By Frank E. Holmes
Published:

Updated:

Kitco Commentaries
Opinions, Ideas and Markets Talk

Featuring views and opinions written by market professionals, not staff journalists.

Crypto SWOT: Venture capital firm Paradigm has raised $850 million for its third fund teaser image

Strengths

  • Of the cryptocurrencies tracked by CoinMarketCap, the best performer for the week was Monero, rising 5.16%.
  • MicroStrategy will offer $500 million in convertible notes to acquire more Bitcoin, the third sale of the securities this year by the enterprise-software maker that has made buying the cryptocurrency part of its corporate strategy, writes Bloomberg. The largest publicly traded corporate holder of Bitcoin plans to issue unsecured senior notes due in 2032 according to a company statement.
  • Bitfarms rose 14% to the highest point in almost 15 weeks. Trading volume was 2.7 million shares, quadruple the 20-day average, according to Bloomberg metrics. 

Weaknesses

  • Of the cryptocurrencies tracked by CoinMarketCap, the worst performer for the week was Wormhole, down 36.70%.
  • Bitcoin mining company Bitfarms is adopting a “poison pill” shareholder rights plan as a defense after an unsolicited takeover offer by larger rival Riot platforms. Riot made an unsolicited, $950 million offer in May to buy Bitfarms after the smaller Bitcoin miner rebuffed its takeover approach the prior month. Bitfarms said its board had determined that the proposal “significantly undervalues” the company, according to Bloomberg.  
  • Terraform Labs agreed to pay $4.47 billion to resolve a civil lawsuit filed by the U.S. SEC following the firm’s 2022 collapse, reports Bloomberg, which wiped out $40 billion in investor assets and shook the cryptocurrency world.

Opportunities

  • Bitcoin futures are seeing a record high in net short interest among leveraged funds, yet don’t mistake that for an overwhelming sense of bearishness among hedge funds. It’s more likely due to an increasingly popular market-neutral strategy. What’s known as the basis trade, a strategy which seeks to profit between discrepancies in spot and futures markets, Bloomberg explains, likely accounts for much of the short interest of almost 18,000 CME Bitcoin futures contracts.

  • U.S. President Joe Biden’s campaign is in discussions with cryptocurrency industry players about accepting crypto donations through Coinbase Commerce, which is a payment service that allows merchants to accept dozens of cryptocurrencies, writes Bloomberg.  
  • Venture capital firm Paradigm said it has raised $850 million for its third fund, reports Bloomberg, which will focus on early-stage crypto projects. Paradigm was previously an early investor and contributor for projects like crypto dex Uniswap and Optimism.

Threats

  • The native token of Curve Finance, one of the cryptocurrency sector’s top decentralized exchanges, has tumbled to an all-time low. CRV slid as much as 38.2% on Thursday before paring some of the drop to trade at 26 cents, writes Bloomberg.  
  • Stablecoin issuer Paxos has cut its workforce by about 20%, says Bloomberg. The jobs cuts first reported by The Block come at a time when Paxos has more than $500 million on its balance sheet.
  • Crypto exchange Gemini agreed to pay $50 million to resolve claims brought by New York’s AG accusing the company of defrauding investors. The settlement announced Friday will see Gemini return about $50 million of digital assets to investors who were locked out of their accounts when the program collapsed, writes Bloomberg. 
Kitco Media

Frank E. Holmes

Frank Holmes is CEO and chief investment officer of U.S. Global Investors, Inc., a boutique investment advisory firm based in San Antonio that manages domestic and offshore funds specializing in the natural resources and emerging markets sectors. The company’s no-load mutual funds include the Global Resources Fund (ticker PSPFX), the World Precious Minerals Fund (UNWPX) and the Gold Shares Fund (USERX).

Please consider carefully the fund’s investment objectives, risks, charges and expenses. For this and other important information, obtain a fund prospectus by visiting www.usfunds.com or by calling 1-800-US-FUNDS (1-800-873-8637). Read it carefully before investing. Distributed by U.S. Global Brokerage, Inc.

All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be appropriate to every investor. Foreign and emerging market investing involves special risks such as currency fluctuation and less public disclosure, as well as economic and political risk.

The S&P/TSX Global Gold Index is an international benchmark tracking the world’s leading gold companies with the intent to provide an investable representative index of publicly-traded international gold companies. The FTSE Gold Mines Index Series encompasses all gold mining companies that have a sustainable and attributable gold production of at least 300,000 ounces a year, and that derive 75% or more of their revenue from mined gold.

Holdings as a percentage of net assets as of 6/30/07: Jiangxi Copper (China Region Opportunity Fund 1.74%); Silvercorp Metals Inc. (World Precious Minerals Fund 2.78%, Global Resources Fund 0.89%, China Region Opportunity Fund 2.42%); Gold Fields Ltd. (Gold Shares Fund 6.05%, World Precious Minerals Fund 2.58%, Global Resources Fund 0.39%); Sino Gold Mining Ltd. (Gold Shares Fund 1.03%, World Precious Minerals Fund 0.58%, China Region Opportunity Fund 0.27%); Anglogold Ashanti (0.0%); Dynasty Gold (0.0%).

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Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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Police say that the truck driver did not break any laws when he left a trailer exploding with propane on I-5.

Police in Portland say that a trucker technically did not break any laws when he unhitched his burning trailer, and left the scene earlier this week.

The accident occurred just before 5 am on Tuesday, 18th June, on Interstate 5 between North Skidmore Street and Going Streets, near Portland, Oregon.

According to KOIN 6 an commercial vehicle was towing a trailer filled with propane when a mechanical problem caused the trailer catch fire. The truck driver, who was driving the vehicle, realized that something was wrong, unhitched it from the trailer and drove away, leaving the trailer to burn and explode along northbound I-5.

The driver was nowhere in sight. Firefighters extinguished the flames with 5,000 gallons water and prevented any more propane tanks from popping, “like popcorn on the freeway.”

The Portland Fire Investigations Unit called the company to inform them that the truck driver reported the incident. The truck driver did not have to stay at the scene because the fire was not the result of a collision and no criminal activity was suspected.

Officials told Fox66 that the Portland Fire Investigations Unit believed the fire started on the driver’s wheel well of the trailer. It was a mechanical problem. “There is no indication that any criminal act has occurred.”

The truck driver now cooperates with investigators. No further information was released.

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Peterbilt Model 589 reaches two milestones in recent years


Trucking News and Briefs for Wednesday, June 19th 2024:


New Peterbilt Model 689 reaches 5,000th order and other milestone

Peterbilt

Peterbilt announced on Tuesday that it had received more than 5,000 order for its Model 589. This shows the enthusiasm of both fleets and operators for this new model.

Peterbilt recently celebrated the delivery to Mike Lowrie Trucking in Dixon, California, of the 1,000th Model 589.

Mike Lowrie, the president of the trucking firm, said: “As the proud owner of Peterbilt’s 1,000th Model 589 I am reminded of my family’s legacy with Peterbilt.” “From humble beginnings with my father’s first used Peterbilt in 1947, to our purchasing our new Peterbilts in 1978, and now operating nearly 250 Peterbilts, they have been a partner in success. We are committed to the satisfaction of our customers, so we have ordered the most reliable trucks and the most striking ones on the road. “The Model 589 is everything we love about Peterbilt and we are honored to have them in our fleet.”

[ Related to Early Peterbilt 689 custom builds: Twin 2024 model from Semi Casual]

Peterbilt says that the exterior features of the 589 include 15 inch air cleaners, 7 inch stacks and exhaust shields, as well as Peterbilt’s exterior illumination package, which includes LED daytime running lights. The company said that creature comforts like high-performance automatic climate controls, ample storage space, and larger dual cupholders create an inviting driving environment.

The styling of the 589 is also supported by innovative technology, including an air assisted hydraulic clutch for manual transmissions that Peterbilt claims reduces driver fatigue, maintenance and driver technologies.

The 589 comes in a daycab configuration and multiple sleeper options. These include the 44-inch Low Roof, 58 inch UltraLow, low-and-high roof, 72-inch Low-and-High-Roof, and 80-inch High-Roof configurations.

Legendary package is also available. It features the 1939 vintage script Peterbilt logo and spears on the hood along with exclusive bright work done on the polished fenders. Leather-grain seating with the vintage logo on the headrest and unique stitches enhance the look and feeling inside the cab.

[ Related to: The 72-inch low-roof sleeping unit]


Trucker Path launches roadside service

Truckers using the Trucker Path app now have an additional emergency roadside assistance program with the addition to the Trucker Path Marketplace of RoadsideMASTERS.com programs (RSM).

Trucker Path app users can access all the benefits of RSM’s commercial vehicle emergency roadside assist programs through the Trucker Path Marketplace at a discounted rate per truck of $39.99 per monthly. Users can subscribe to and manage their memberships directly within the Trucker Path application.

A proprietary vendor network of over 40,000 service providers in North America provides roadside assistance.

Chris Oliver, CMO of Trucker Path, said that “Roadside Assistance powered by RoadsideMASTERS.com” is the latest way we help users of the Trucker Path App. Through the Trucker Path Marketplace they can now access affordable, on-demand, emergency roadside coverage within the U.S. These programs are designed to help owners, drivers, and fleets get their vehicles moving again as quickly as possible following a breakdown.

[ Related: Trucking’s best defense against predatory Towing: A step by step guide]


Drivewyze expands into Manitoba

PreClear, a network of weigh station bypasses that is part of the Drivewyze network, is now available in Manitoba.

A new partnership between the Manitoba Department of Transportation and Infrastructure and the Ontario, Newfoundland and Labrador bypass services has led to the expansion of this service.

Drivewyze offers bypass services in the province of Alberta as well as across the U.S. Drivewyze’s PreClear service is available at more than 900 locations in 48 states and provincial jurisdictions.

The Manitoba service will operate under the Transportation Operations Division of Motor Carrier Enforcement. Subscribed trucks with Canadian plates or U.S. license plates can bypass at eight locations in the province including:

  • West Hawk Lake Hwy-1 Eastbound and Westbound
  • Emerson Hwy 75, Northbound and Southbound
  • Carroll Hwy-2, EB & WB
  • Headingley Hwy-1, EB & WB

Brian Mofford is Drivewyze’s Vice President of Government Experience. “We are partnering with Canadian Provinces to expand bypass program across Canada, with Manitoba representing a critical geography for the trucking industry,” he said. As an added bonus, we have bundled the service to those who already subscribe for bypass in Ontario and Newfoundland & Labrador. We hope to add more provinces soon to achieve our goal of complete coverage across Canada.

According to Mofford’s estimates, truckers have more road time with four bypass locations along Trans-Canada Highway, which spans 490 kilometers in Manitoba. “Freight Efficiency is a key measure of all trucking companies, and weigh station bypasses can save valuable minutes or hours in some cases.”

Mofford said that the bypass sites are the busiest for truck traffic. He cited the Headingley Highway 1 west and eastbound as the busiest. “This is located just west of Winnipeg, and it’s the busiest scale location,” he said. “The Emerson Highway 75 is also important because it’s a port of entry for truck traffic from the U.S., heading north into Manitoba, and southbound travel to North Dakota and Minnesota.”

[ Related to New weigh stations bypass opportunities in thirteen states]

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