Peloton closes $60M Series B to advance truck platooning
17 April 2017
Peloton Technology, a connected and automated vehicle technology company dedicated to improving the safety and efficiency of freight transportation, closed a $60-million Series B funding round.
Omnitracs, a global pioneer of fleet management solutions, led the round, which also included existing investors 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.
Peloton has raised a total of $78 million since inception. Series B funds will fuel Peloton’s growth plans, including the rollout of the first commercial two-truck driver-assistive platooning system later in 2017, as well as development of more advanced automation solutions.
Several US-based Fortune 500 fleets plan to trial the system within the next year. At the same time, Peloton and Series B lead investor Omnitracs will expand cross-fleet platooning opportunities by integrating the system with the Omnitracs Intelligent Vehicle Gateway telematics platform and developing new joint telematics solutions.
Boosted by the new investment, Peloton is accelerating vehicle integration projects with several truck OEMs, including Volvo Trucks North America, a part of investor Volvo Group, as well as Tier 1 brake system and connected-vehicle suppliers. The Peloton investor mix includes a variety of leading global companies, enabling Peloton to collaborate extensively to bring its solutions to international markets. Intel, a co-leader on Peloton’s 2015 Series A round, announced in November 2016 that it will invest $250 million in automated driving solutions.