Kodiak Robotics which is an autonomous vehicle startup founded by the Don Burnette, which was previously co-founded by the self-driving company Otto and Paz Eshel, who is a former Venture Capitalist today in a press statement has announced that it has raised an amount of $40 million in its series Series A funding which is led by the global investment firm Battery ventures. CRV, Lightspeed venture VC and Tusk Ventures also participated in the round. As part of the financing, Battery General Partner Itzik Parnafes will join Kodiak’s board.
Burnette and Eshel established Kodiak Robotics to convey new advancements to the whole deal trucking market. Trucking is a key part of the U.S. economy: According to the American Trucking Associations (ATA), trucks move in excess of 70 percent of all U.S. cargo and produce over $700 billion in income yearly. While cargo volume is at record levels, driven partially by the development of web based business, the industry is battling with a huge lack of drivers.
The ATA evaluated an industry lack of 51,000 drivers toward the finish of a year ago, up from a deficiency of 36,000 out of 2016.Burnette and Eshel founded Kodiak Robotics to alleviate the current strain on the freight market through self-driving technology. In just three months, the two have assembled a world-class team of engineers with experience in actually shipping self-driving vehicles on public roads.
Kodiak CEO Burnette co founded the Otto, which was acquired by the Uber in the year 2016. Earlier in his career, he was one of the early engineers on the self driving car team by the Tech Giant company at Google.
“This financing, coming just three months after founding Kodiak Robotics, is a huge validation for our vision,” Burnette said. “We believe self-driving trucks will likely be the first autonomous vehicles to support a viable business model, and we are proud to have the support of such high-profile investors to help us execute on our plan.”
“Autonomous driving is likely one of the most major technology shifts of the last 100 years,” said Battery’s Itzik Parnafes. “We have been researching this trend for several years and feel confident we are backing an experienced, savvy team that can capitalize on the opportunity in a unique way.”
Kodiak Robotics will use the financing to expand its team and for product development.
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