TruVideo, a provider of artificial intelligence- and augmented reality-driven communication technology for the transportation industry, has secured a $40 million minority growth investment from TZP Growth Equity.

The company said the strategic investment will fuel innovation, product development, customer service and market expansion.

“This investment validates the quality of our innovation and the growth we have delivered,” TruVideo co-founder and CEO Joe Shaker said in a news release. “Our focus on communication technology has had a transformational effect on revenue and customer experiences for our direct dealers, software partners and OEM relationships.”

Joe Shaker

Co-founder and chief technology officer Douglas Chrystall said companies are integrating TruVideo’s AI, AR and video technologies into their platforms to improve how they deliver service and engage customers.

“Our flexible technology, powered by microservices and low-code/no-code solutions, ensures seamless integration and rapid deployment,” he said, “making it easier than ever for service software companies to lead with innovation.”

TruVideo said its customer engagement software supports more than 6,700 dealerships, powering “remarkable” year-over-year revenue growth.

The company said it has developed customized machine learning and AI models using data from more than 100 million customer videos, text and voice conversations. The platform is designed to deliver improved customer experiences that benefit OEMs, dealerships, partners and their customers.

As part of the investment, TZP Growth Equity partner Shamit Mehta will join TruVideo’s board of directors.

“TruVideo’s innovative platform addresses a critical need in today’s market — enhancing transparency and trust in customer communications,” Mehta said.