The company intends to use the funds to accelerate development and deployment of truck-platooning technology for the U.S. and international trucking industries.
Led by CEO Josh Switkes, Peloton provides vehicle automation technology that has the potential to save lives and save fuel in trucking operations. The Peloton Truck Platooning System electronically couples pairs of trucks through a combination of vehicle-to-vehicle communications, radar-based active braking systems and proprietary vehicle-control algorithms to improve safety and allows trucks to travel at closer distances, which improves aerodynamics and reduces fuel use.
Lockheed Martin, a leader in autonomous vehicles, joined a $17m investment round co-led by DENSO International America and Intel Capital.
23/07/2015: Peloton Technology Receives CVC Investment from Nokia Growth Partners
22/04/2015: Peloton Technology Raises $16M in Series A Venture Capital Funding