Gatik, a developer of driverless electric light- and medium-duty trucks, has announced an investment of US$85m (£61.8m) in Series B funding to expand its North American autonomous ‘middle mile’ logistics network.
The round was oversubscribed and brings the total amount raised by Gatik to US$114.5m (£83.2m). The round was led by new investor Koch Disruptive Technologies and saw participation from existing investors Innovation Endeavours, Wittington Ventures, FM Capital, Dynamo Ventures, Trucks VC, Intact Ventures and others.
Gatik will use the funding to advance its commercial-grade autonomous technology, scale its fleet of Class 3-6 multi-temperature autonomous box trucks across new markets in North America, grow with existing and new customers, and increase its team size.
“With our exclusive focus on structured autonomy, we have unlocked lower costs, shorter delivery times, and sustainable, reliable capacity for our customers today,” said Gautam Narang, CEO and co-founder, Gatik.
“Our long-term partnerships with the world’s largest retailers, strategic relationships with OEMs and fleet servicing and maintenance partners have allowed us to address critical supply-chain challenges and build an industry-defining business. With this financing, we are ideally positioned to commercialise our solution at scale.”
Since announcing its Series A financing in November 2020, Gatik has launched its electric autonomous box trucks with Walmart in Louisiana, and a partnership with Isuzu to implement OEM-grade redundancies for medium-duty trucks critical for fully autonomous operations.
