Dynamo Dispatch. A weekly update from Dynamo Ventures covering the latest and greatest in supply chain, mobility, and building venture-scale businesses.

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Weekly Commentary 💭

The Iran war has become a structural supply chain shock. Hormuz is still effectively closed, oil’s back above $100, and the ripple effects are hitting helium, shipping, and fertilizer. That’s colliding with the AI buildout, where chipflation, copper shortages, and local backlash are turning data centers into a permitting and politics problem. Add $300B in rerouted imports exposing tariff enforcement gaps, and the supply chain map keeps getting redrawn in real time.

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Madelyn, Madison and the rest of the Dynamo team

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Make, Move, and Monetize 📦

⭐ Supply Chain Cracks Constrain AI Boom. The AI boom is being constrained by fragile physical supply chains, as conflict around Iran and the Strait of Hormuz threatens key inputs for chips, data centers, and power. Moody’s warns that disruptions to Qatari helium, Israeli bromine, and LNG flows could pressure the infrastructure behind roughly $650B in US AI spending, while BlackRock says surging data center and defense demand is driving “chipflation,” with some component prices up 17x over the past year. That makes AI infrastructure a much broader resilience problem. The winners will not just be those with the best models or the most capital, but those who can secure the energy, materials, logistics, and supplier relationships needed to keep scaling. Completely unrelated, How Dangerous Trucking Companies Escape Their Past, Change Names and Get Back on the Road.

Air War in Iran Gives Way to Crippling Stalemate in Hormuz. The Iran conflict has shifted into a dangerous “no war, no peace” phase, with the cease-fire holding on land but the Strait of Hormuz still effectively closed amid ship attacks, US interdictions, and dueling blockades. Oil has pushed back above $100, more than 10M barrels a day of energy flows remain trapped, and the disruption is spreading into helium, fertilizer, aluminum, aviation fuel, and Gulf-region infrastructure. This is no longer just an oil-price shock; it is a global supply-chain stress test. A prolonged Hormuz stalemate could force demand destruction, higher inflation, and tougher central-bank tradeoffs while hitting Asia, Europe, and Gulf diversification plans hardest. Also, Both Iran and US Blockade Strait of Hormuz and Iran Offers US Deal to Reopen Strait But Postpone Nuclear Talks.

Why the US Is Pushing to Rebuild Its Copper Supply. US copper production has stagnated for decades just as AI-driven electricity demand is sending consumption soaring across data centers and power grids, leaving the country increasingly dependent on imports. Projects like Rio Tinto’s Resolution mine in Arizona show the scale of untapped domestic reserves, but regulatory delays and rising costs continue to slow new supply, while China dominates global processing. Copper is no longer just a commodity play, it’s a strategic chokepoint for the AI buildout, and the widening gap between US demand and domestic supply creates both acute risk for anyone building power-hungry infrastructure and a generational opportunity for those positioned in mining, processing, or alternatives. For more, check out Copper’s Quiet Supply Squeeze is Reshaping the Investment Case.

FedEx, UPS and DHL Detail Tariff Refund Approach for Customers. FedEx, UPS, and DHL are moving to reclaim refunds for invalidated IEEPA tariffs and return the money to the customers or payors who originally covered the duties. The process will depend on who acted as importer of record and customs broker, but carriers are largely positioning themselves as the intermediary with Customs and Border Protection, with refunds expected only after CBP releases the funds. For executives and operators, this is a cash-recovery and compliance issue hiding inside logistics workflows. The bigger signal is that tariff reversals can create meaningful administrative complexity across parcel networks, making documentation, broker relationships, and landed-cost visibility increasingly important.

Oil Traders Say Billion-Barrel Hole Will Linger Long After War. The Iran war has created a structural oil shock that traders say will persist even after the Strait of Hormuz reopens, with a roughly billion-barrel supply hole, disrupted tanker positioning, and damaged or slow-to-restart production capacity. Brent has eased from post-war highs, but major traders warn the market is underpricing how long it will take to realign crude flows, rebuild inventories, and restore confidence in shipping through the Gulf. This is a reminder that geopolitical disruptions do not end when headlines or peace talks begin to improve. Energy prices, freight costs, and inventory strategy could remain volatile for months, with the risk that oil becomes a broader recessionary pressure if flows do not normalize quickly. Related, Goldman Sachs Raises Oil Price Forecasts on Tight Supply.

Ocean Shipping Surcharges Spurred by Iran War Weigh on Contract Talks. Ocean shipping costs are rising as the Iran war and the closure of the Strait of Hormuz push up fuel prices, adding tension to annual contract negotiations between shippers and carriers. Major carriers including MSC, CMA CGM, ONE, and Maersk have begun implementing fuel surcharges and higher rates across trade lanes, while trucking, parcel, and air freight costs are also climbing as fuel pressure spreads across transport modes. The bigger issue is that supply chain volatility is becoming embedded into pricing, not treated as a temporary disruption. Companies that depend on global logistics will need to negotiate more carefully around surcharge terms, cost pass-throughs, and routing flexibility as geopolitical shocks increasingly show up directly in margins. Completely unrelated, Uber Eats Launches Retail Returns.

Rerouted US Imports Avoiding Trump Tariffs Top $300B. Roughly $300B of goods subject to Trump-era tariffs are reportedly reaching the US each year through rerouting channels in Southeast Asia and Mexico, exposing major enforcement gaps in rules-of-origin and USMCA compliance. Altana’s shipment-level analysis suggests suspicious transactions surged 76% in the first 10 months of 2025, with the US potentially losing about $40B in tariff revenue from goods effectively “laundered” through preferential trade routes. This points to a coming crackdown on supply-chain arbitrage. Tariff strategy is shifting from rate exposure to traceability, making facility-level provenance, documentation, and USMCA rules-of-origin compliance central to trade risk. Also, Tariffs Raised Consumers’ Prices, but the Refunds Go Only to Businesses and Inside the Business Most Exposed to Trump’s Tariff War.

Data Centers are Expensive, Unpopular — and Could Be a Tipping Point in the Midterms. Data centers have moved from economic development trophy projects to political flashpoints, as AI-driven demand brings massive capital investment but also higher power needs, environmental strain, and local opposition. Communities from Virginia to Louisiana to Tennessee are increasingly treating new data center projects as affordability and quality-of-life issues, putting pressure on elected officials ahead of the midterms. Thus, the data center buildout is no longer just a capacity race; it is becoming a permitting, power, and politics problem. The companies that win may be the ones that can secure energy, manage local backlash, and make the economic case before opposition hardens. For more, check out New Gas-Powered Data Centers Could Emit More Greenhouse Gases Than Entire Nations.

Werner Enterprises Doubling Intermodal Trailers in Mexico. Werner Enterprises is doubling its Mexico intermodal container fleet to 800 units by year-end, expanding first in Monterrey and Silao before adding Mexico City later in 2026. The move follows steady demand and strong intermodal growth, with Werner leaning into cross-border rail as shippers look for lower-cost, more reliable alternatives amid volatile diesel prices and tightening truck capacity. This is another sign that Mexico-linked supply chains are becoming a durable growth lane, not just a nearshoring headline. Asset-based cross-border capacity, customs expertise, and visibility tech are becoming key differentiators as freight networks reorient around North America.

‘Smart’ Glasses Are Back: First, for the Warehouse. Then, Consumers. Smart glasses are finding their real second act in warehouses, where hands-free scanning, picking, maintenance, and inventory workflows matter more than consumer aesthetics. Newer ruggedized models from companies like Vuzix combine vision and voice with better battery life, low-light video, multi-barcode scanning, and AI that can read live camera feeds, purchase orders, and handwritten addresses. That makes the category less about a flashy consumer comeback and more about a practical productivity layer for frontline logistics work. The warehouse is becoming the proving ground for wearable AI before the technology goes mainstream with consumers. The near-term opportunity is improving speed, accuracy, safety, and training through tools that fit into existing workflows, especially as labor remains tight and fulfillment expectations keep rising. Related, Ex-OnePlus Engineers Launch Smart Glasses With Unclear Pricing.

Request for Startups 📢

Dynamo is always looking to meet startups that are helping to make, move, and monetize goods. Check out our latest request for startups below!

Chemicals, aerospace, and electrical distribution run on messy catalogs and tribal knowledge that generic software can’t decode. The opportunity: AI-native platforms that speak the domain, handle compliance, and plug into existing ERPs, starting with quick wins like PO processing, then becoming the system of record for industrial commerce. Read more here.

The Dynamo Show 🎙️

Check out our podcast series that’s been running since 2018. On each episode of The Dynamo Show, we sit down with a different entrepreneur, investor, or industry veteran to discuss innovation, technology, and the most exciting opportunities in supply chain as we build the future of the industry together.

Fundraises and M&A 💸

Cloneable Raises $4.6M in Seed Funding. Cloneable develops an agentic AI platform that captures expert knowledge and automates complex industrial workflows across infrastructure sectors. The company will use the funds to expand deployment across industries including utilities, energy, construction, rail, mining, agriculture, and manufacturing. The round was led by Congruent Ventures, with participation from First In, Overline, St. Elmo Venture Capital, and Bull City Venture Partners.

Bubble Robotics Raises $5M in Pre-Seed Funding. Bubble Robotics develops autonomous underwater robots and docking systems that enable continuous, crewless inspection and monitoring of offshore and subsea environments. The company will use the funds to deploy its first commercial systems and scale its robotics-as-a-service platform across offshore wind, maritime security, and subsea infrastructure markets. The round was co-led by Episode 1 Ventures, Asterion Ventures, and Norrsken Evolve.

Fasal Bio Raises €7M in Funding. Fasal Bio develops wood-based, renewable composite materials through its Naturion™ platform, designed as a drop-in replacement for conventional plastics in industrial manufacturing. The company will use the funds to expand production capacity, strengthen its commercial and R&D teams, and support global scale-up and new product development. The round was led by BlackPeak Capital.

Crewline AI Raises $7.1M in Seed Funding. Crewline AI develops retrofit autonomy kits that enable construction rollers to operate as self-driving machines for soil compaction on job sites. The company will use the funds to advance its autonomy stack and scale deployments across construction customers. The round was led by Initialized Capital and Nebular.

A&K Robotics Raises CAD $8M in Series A Funding. A&K Robotics develops autonomous mobility robots for airports, including self-driving vehicles designed to transport passengers through complex indoor environments. The company will use the funds to transition from pilot programs to permanent deployments, expand production capacity, and accelerate adoption across major airport networks. The round was led by BDC’s Industrial Innovation Venture Fund and Vantage Futures.

Antioch Raises $8.5M in Seed Funding. Antioch builds high-fidelity, cloud-based simulation tools for robotics and autonomous system developers. The company will use the funds to expand operations and development efforts. The round was led by A* and Category Ventures, with participation from MaC Venture Capital, Abstract, Box Group, and Icehouse Ventures.

Smart Robotics Raises €10M in Series A Funding. Smart Robotics develops AI-powered robotic pick-and-place solutions for intralogistics, built on a proprietary control layer that enables handling of complex, high-variability warehouse operations. The company will use the funds to accelerate its European expansion and further develop its AI-driven platform. The round was led by Rotterdamse Havendraken, with participation from Innovation Industries and Ernij Next.

Humble Raises $24M in Seed Funding. Humble develops fully autonomous, cabless electric haulers designed for cost-efficient freight transportation across logistics environments such as warehouses, railyards, and seaports. The company will use the funds to advance vehicle development, expand its autonomy stack, launch pilot deployments, and support early manufacturing. The round was led by Eclipse, with participation from Energy Impact Partners and others.

Cloudsmith Raises $72M in Series C Funding. Cloudsmith provides a secure artifact management platform that enables enterprises to manage and protect software supply chains, including packages, containers, and ML models. The company will use the funds to accelerate product development and expand its go-to-market efforts. The round was led by TCV, with participation from Insight Partners and other existing investors.

Pudu Robotics Raises $150M in Funding. Pudu Robotics develops service and industrial robots, including delivery, cleaning, and logistics systems powered by embodied AI technologies. The company will use the funds to advance embodied AI development, expand its product portfolio, scale manufacturing capacity, and grow its global market presence. The investors in the round were not disclosed.

Descartes Acquires Idelic for $28M. Idelic provides an AI-powered driver safety and performance management platform that integrates training, monitoring, and predictive risk analytics for fleet operators. The acquisition will be used to enhance Descartes’ Global Logistics Network with advanced safety intelligence and expand its fleet performance management capabilities. The transaction was completed by Descartes Systems Group for approximately $28M in upfront consideration, with additional performance-based earn-out potential.

Who’s Hiring? 👩‍💻

Be sure to check out the Dynamo website for more job opportunities at our portfolio companies!

Sales Development Representative at Ceto in London, England.

People Partner at Manna in Dublin, Ireland (Remote).

Overnight Area Manager I at Stord in Dallax, TX.