Gatik will use the funding to deploy its fleet of Class 3-6 multi-temperature Autonomous Box Trucks across North America. Here are the top-line bullets you need to know.
Gatik, a developer of autonomous trucks for middle mile logistics, has raised $85M in a Series B. The round drew participation from Koch Disruptive Technologies, Wittington Ventures, and Innovation Endeavors, among others.
How’s the company performing?
- Palo Alto-based Gatik offers B2B delivery services and maintains a fleet of light and medium duty trucks.
- Since its last funding in November 2020, the company has worked with Walmart to launch a fleet of its Class 3-6 electric Autonomous Box Trucks in Louisiana. It has also partnered with Isuzu to deploy OEM-grade redundancies for its medium duty trucks in order to conduct fully autonomous operations.
- Gatik projects it will experience year-over-year revenue growth of 400%.
- The company has roughly 70 employees across its offices in Palo Alto and Toronto, and it also maintains operations in Louisiana and Arkansas. It expects to more than double its headcount to 150 over the next 6-9 months.
- Gatik’s customers include Fortune 500 companies such as Loblaw and Walmart.
Why does the market matter?
- The self-autonomous and autonomous truck market is projected to grow at a CAGR of 12.6% to reach a value of $2B by 2027, according to Fortune Business Insights.
- Factors such as the increasing number of road accidents, driver shortages, the need to reduce delivery and transportation costs, and the rising demand for efficient and feature-rich trucks are contributing to this growth, according to Markets and Markets.
- The Covid-19 pandemic has created a new use case for autonomous trucking technology, as the tech can be used to provide contactless personal mobility and delivery services.
- Major transportation players like Waymo and Mercedes-Benz are looking to develop and deploy autonomous vehicles.