Peloton Technology, a Mountain View, CA-based developer of vehicle systems that offer safety, fuel savings and analytics to trucking fleets, raised $16m in Series A funding.
The round was led by Denso International America and Intel Capital with participation from Magna International, Castrol innoVentures, Volvo Group Venture Capital, UPS Strategic Enterprise Fund, Sand Hill Angels, the Band of Angels, and Birchmere Ventures.
The company intends to use the funds to accelerate development and deployment of its technology for the U.S. and international trucking industries.
Led by CEO Josh Switkes, Peloton electronically couples pairs of trucks through a combination of vehicle-to-vehicle communications, radar-based active braking systems and proprietary vehicle-control algorithms to enable the rear truck to automatically react to acceleration or braking by the front truck nearly instantaneously.
This automatic reaction improves safety and allows trucks to travel at closer distances, which also improves aerodynamics and reduces fuel use on both vehicles.
The company’s cloud-based network operations center continuously monitors individual truck safety and approves the linking of pairs of trucks only on suitable roads under appropriate weather, vehicle and traffic conditions. Drivers retain steering control and command of their vehicles at all times.
It is also developing a Platooning Network Operations Center (NOC), a cloud-based service that communicates with the trucks to approve and adjust platooning parameters based on location, road, and weather conditions. It also helps trucks find platooning partners and collects data about the vehicle, the driver and the operating environment.