This funding will help Kodiak Robotics hire new employees and develop a safety case for its self-driving technology stack. Here are the top-line bullets you need to know.
Kodiak Robotics, an autonomous technology company for the long-haul trucking industry, has raised an undisclosed amount in a Series B with participation from BMWi Ventures.
HOW’S THE COMPANY PERFORMING?
- California-based Kodiak Robotics develops autonomous trucking technology that improves network efficiency and lowers costs and emissions.
- The company has 10 trucks operating on its commercial route in Texas and test pilot route in California.
- It has a strategic partnership with SK Group to sell and distribute Kodiak Robotics’ technology in Asia.
Source: Kodiak Robotics
WHY DOES THE MARKET MATTER?
- The self-autonomous and autonomous truck market is projected to expand at a CAGR of 12.6% to reach a value of $2.01B by 2027, according to Fortune Business Insights.
- Factors such as an increase in road accidents, driver shortages, and the need to reduce delivery and transportation costs are driving growth in the industry.
- The Covid-19 pandemic has created a new use case for fully self-driving technology since it can serve as a contactless, safe option for personal mobility and delivery services.
- Waymo, Mercedes-Benz, and other transportation players are collaborating and consolidating to develop and deploy autonomous vehicles and reduce financial burden.