Peloton Technology, a Mountain View, Calif.-based connected and automated vehicle technology company dedicated to improving the safety and efficiency of freight transportation, closed a $60m Series B funding round.
The round was led by Omnitracs, with participation from existing investors Intel Capital, DENSO International America, BP Ventures, Lockheed Martin, Nokia Growth Partners, UPS Strategic Enterprise Fund, Volvo Group, Sand Hill Angels, Band of Angels and Birchmere Ventures along with new investors B37 Ventures, Mitsui USA, Okaya, Schlumberger, US Venture and Breakthrough Fuel.
The company, which has raised a total of $78m since inception, will use the funds to grow operations, rollout its commercial two-truck driver-assistive platooning system later in 2017, integrate the system with the Omnitracs Intelligent Vehicle Gateway telematics platform, develop new joint telematics solutions, accelerate vehicle integration projects with truck OEMs, including Volvo Trucks North America, a part of investor Volvo Group, as well as Tier 1 brake system and connected-vehicle suppliers.
Led by Josh Switkes, co-founder and CEO, Peloton provides a platooning system that links the active safety systems of pairs of trucks, and connects them to a cloud-based Network Operations Center that limits platooning to appropriate roads and conditions. The company’s solutions also improve the safety of individual trucks by requiring forward collision avoidance systems and other safety features that are active both in and out of platoon.