Oway

Oway is a technology company operating an AI-enabled marketplace for the freight industry, specifically targeting the less-than-truckload (LTL) market. Founded in 2023 by Phillip Nadjafov, a self-taught engineer and second-time founder, the San Francisco-based startup aims to reduce shipping costs and inefficiencies. The company's platform functions as a "rideshare for freight," selling unused space in trucks to businesses, particularly small and medium-sized businesses (SMBs), at discounts of up to 50%.

The business model addresses the significant inefficiency in the U.S. trucking industry, where nearly half of all truck space goes unused annually. By leveraging AI, Oway matches shippers with carriers that have available capacity and are traveling along the same route. This approach benefits both parties: shippers gain access to lower-cost, faster overnight shipping without the need for warehouse transfers, which also reduces the risk of damage, while carriers can increase their annual revenue by filling empty space. The platform automates processes like paperwork and provides real-time GPS tracking for transparency.

Oway's technology utilizes electronic logging device (ELD) data, stochastic spread optimization, and real-time liquidity modeling to dynamically price shipments and optimize routes. The platform is designed for ease of use, allowing businesses to place an order quickly. It primarily serves businesses in California shipping to states like Arizona, Nevada, and Texas, with plans for expansion. Oway has secured $4 million in a seed funding round with backing from prominent investors including Y Combinator, General Catalyst, Wayfinder Ventures, Phosphor Capital, and Soma Capital.