Kodiak Robotics, a Mountain View-based transportation company, has raised $ 125 for Sseries B funding to continue its mission to redefine the long-haul truck industry.
The over-subscription round brings the total funding raised by the startup to $ 165 million with the participation of SIP Global Partners, Lightspeed Venture Partners, Battery Ventures, CRV, Muirwoods Ventures, Harpoon Ventures, StepStone Group, Gopher Asset Management, Walleye Capital and Aliya Capital Partners. . Don Burnette, founder and CEO of Kodiak Robotics, mentioned the success of the round:
“Our B-Series encourages us to hyper-grow, continue to double our team, our fleet and continue to grow our business. With the B-Series, we will launch a commercial self-driving service with our partners in the coming years to help them meet these critical challenges.”
Founded in 2018, Kodiak Robotics has seen rapid growth as demand for its autonomous truck technology has increased. At the moment, the startup ships goods daily between Dallas and Houston without the need for a human driver, reducing costs and increasing performance in the process. Burnett said:
“We designed Kodiak Driver, a technology that is a leader in our industry, half the time of our competitors and part of the cost. The supply chain challenges we have seen over the past 18 months underscore the importance of the autonomous truck for the future of the American economy. “
Despite the logistical challenges posed by the operation of autonomous trucks, operators have become increasingly comfortable when it comes to using autonomous trucks as new technologies continue to emerge. The use of this type of vehicle was also positively affected by the supply chain crisis resulting from the COVID19 pandemic, which further revealed the existence of a shortage of drivers for years.
The new funding will allow Kodiak Robotics to grow its team by doubling its workforce and expanding its service capabilities in the United States by adding 15 new trucks to its fleet. The startup believes that this approach will allow it to become a major player autonomous the truck industry, helping to alleviate the stress placed on drivers and supply chain managers in recent times.