Friday, August 12, 2022

Kodiak Robotics raises $125M to advance Autonomous Trucks

Kodiak Robotics Inc. today announced that it has raised $125 million in an “oversubscribed” Series B fundraising round for a total of $165 million raised to date. The Mountain View, Calif.-based company said it plans to use its latest investment to continue its aggressive growth plans.

“Our Series B drives us into hyper-growth so we can double our team, our fleet, and continue to scale our business,” said Don Burnette, founder and CEO of Kodiak Robotics. “We have engineered our industry-leading technology, the Kodiak Driver, in half the time and a fraction of the cost of our competitors.”

Kodiak Robotics Company Presentation

“The supply chain challenges we have seen over the last 18 months only underscore the importance of autonomous trucking to the future of America’s economy,” he added. “With the Series B, we will further accelerate towards launching our commercial self-driving service with our partners in the coming years to help address these critical challenges.”

Kodiak Robotics was founded in 2018 and the Company said it has “developed the industry’s most advanced technology stack purpose-built specifically for long-haul trucks.”

Kodiak said it is building and operating self-driving trucks designed to operate on highway routes with the goal of making the freight industry safer and more efficient.

Since 2019, Kodiak has delivered freight for customers between Dallas-Fort Worth and Houston, Texas. Its trucks operate autonomously on the highway portion of the route. The company said it hauls freight daily for a range of industry partners, including some of the nation’s largest carriers and brands.

SIP Global PartnersLightspeed Venture PartnersBattery VenturesCRVMuirwoods VenturesHarpoon VenturesStepStone GroupGopher Asset ManagementWalleye CapitalAliya Capital Partners, and others participated in Kodiak’s Series B round.

Bridgestone Americas and BMW i Ventures previously invested in the company. Cowen served as exclusive placement agent to Kodiak Robotics.

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