TMCnet News
Peloton Technology Secures $60M to Fuel Commercial Truck Industry Collaboration on the Road to AutomationPeloton Technology, a connected and automated vehicle technology company dedicated to improving the safety and efficiency of freight transportation, today announced the closing of 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 (News - Alert), US Venture and Breakthrough Fuel. This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20170412005437/en/ Two Volvo VNL 670 trucks platooning using the Peloton System. (Photo: Business Wire) "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," said Josh Switkes, co-founder and CEO of Peloton. "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."
Commercial Truck Fleet Focus Peloton's flagship platooning system empowers drivers and trucking fleets to address three major industry challenges of safety, fuel savings and operational efficiency by delivering new tools, capabilities and data. "Peloton has taken an innovative and disciplined approach in combining vehicle connectivity and driver-assistive automation technologies to offer immediate value to trucking fleets," said Larry Burns, Peloton board member and former vice president of research and development and strategic planning at General Motors (News - Alert). "Peloton's truck platooning product helps fleets and drivers to improve safety, fuel efficiency and operations today while setting the stage for transformational trucking improvements in the future." 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 (News - Alert) telematics platform and developing new joint telematics solutions. "The transportation industry is going through a massive change," said Omnitracs CEO John Graham. "Macro-level trends like the Internet of Things, cognitive applications, faster delivery of goods and new levels of customer service are at the core of our new partnership with Peloton. We want to expand the possibilities of truck automation on the nation's highways and set new standards in integrated dispatch, tracking and routing as well as driver-facing applications to maximize and optimize the orchestration of both same-fleet and cross-fleet platooning."
Vehicle and Technology Industry Collaboration "Making cars and trucks safer and more efficient with increasing levels of active safety equipment is critically important to the global economy," said Kathy Winter, vice president, Automated Driving Division, Intel. "Advanced driver assistance solutions such as Peloton's, that are based on scalable, secure computing platforms are a key element on the path to fully autonomous driving."
About Peloton Technology
View source version on businesswire.com: http://www.businesswire.com/news/home/20170412005437/en/ |