J.B. Hunt to Back Freight, Logistics Startup Incubator
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J.B. Hunt Transport and UP.Labs are establishing a technology-based freight and logistics startup incubator called the Logistics Venture Lab, the companies announced Oct. 2.
The venture aims to launch up to six startups over the next three years, beginning in 2025, to address core strategic challenges within the transportation industry.
These startups will focus on driving efficiency and solving common problems in key industry service areas, such as brokerage, dedicated, intermodal and truckload trucking.
“From the inception of modern intermodal transit to digital freight-matching platforms to emerging safety technology and beyond, J.B. Hunt has always been people focused, technology empowered and capacity driven, and we’ve been on an innovation journey since our founding in 1961,” said J.B. Hunt CEO Shelley Simpson. “Our collaboration with UP.Labs will continue this journey as we look for new ways to disrupt, adapt and accelerate across the transportation industry.”
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The partnership aims to leverage cutting-edge technologies to address long-standing industry challenges. UP.Labs brings its expertise in startup incubation and emerging technologies to complement J.B. Hunt’s deep industry knowledge and operational experience.
“Through the Logistics Venture Lab, we will launch startups rooted in big data, GenAI and emerging technologies to solve industry problems with some of the world’s best entrepreneurs,” said UP.Labs founder and CEO John Kuolt.
The venture was launched at the fourth iteration of the UP.Summit, an invite-only event that brings together 300 individuals to mull the challenges facing transportation.
UP.Labs organizes the event. UP.Labs is controlled by venture capital firm UP.Partners, which works with corporate partners including automaker Porsche, a unit of Volkswagen Group, grocery chain Walmart and now J.B. Hunt.
Walmart ranks No. 1 on the Transport Topics Top 100 list of the largest private carriers in North America.
J.B. Hunt ranks No. 3 on the TT Top 100 list of the largest for-hire carriers in North America and is the No. 2-ranked truckload hauler and the top-ranked carrier in the intermodal/drayage arena.
The latest UP.Summit was held in Bentonville, Ark., the hometown of Walmart.
Tom Walton and Steuart Walton co-hosted the event with Ross Perot Jr. The Walton brothers are scions of the family that founded Walmart, with the latter currently a member of the company’s board of directors.
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