Published on April 22nd, 2017 | by James Ayre0
Peloton Technology Closes $60 Million Series B Funding Round
April 22nd, 2017 by James Ayre
The semi truck platooning technology firm that we reported on recently, Peloton Technology, has successfully closed a $60 million Series B funding round, according to a recent press release.
The Series B funding round was led by Omnitracs, but also featured investments from “Intel Capital, DENSO International America, BP Ventures, Lockheed Martin, Nokia Growth Partners, UPS Strategic Enterprise Fund, Volvo Group, Sand Hill Angels, Band of Angels and Birchmere Ventures along with new investors B37 Ventures, Mitsui USA, Okaya, Schlumberger, US Venture, and Breakthrough Fuel.”
So, it was a pretty serious group of investors from the looks of it, most of which are involved intimately in the trucking sector in some fashion or other.
The CEO and co-founder of the company, Josh Switkes, commented on this fact: “We are excited to be working with a growing group of leading companies from across the industry as well as forward-looking state and federal regulators to bring pragmatic, driver-assistive truck automation solutions to market. This new round of global strategic investment bolsters Peloton’s position as the leading provider of near-term automated truck technology in North America and soon beyond.”
The press release provides more: “Peloton has raised a total of $78 million since inception. Series B funds will fuel Peloton’s growth plans, including the rollout of the world’s first commercial two-truck driver-assistive platooning system later in 2017, as well as development of more advanced automation solutions.”
Thanks to the new funding, Peloton is reportedly planning to accelerate projects with several OEMs, including Volvo Trucks North America.
As it stands, Peloton is planning to begin trialling its platooning technology with a number of US-based Fortune 500 fleets within the next year or so.