Faction Technology, Inc., a San Francisco, CA-based driverless-vehicle technology developer that reimagines urban transportation and micro-logistics, raised a new funding round of undisclosed amount.
The round was led by TDK Ventures with participation from Ducera Partners, Trucks Venture Capital, and Fifty Years.
The company intends to use the funds to target customer expansion over the last quarter of 2023 and throughout 2024.
Founded in February 2020 by Ain McKendrick, CEO, Faction develops driverless solutions based on light electric vehicles. Its driverless vehicles incorporate the affordability and maneuverability of motorcycles with the speed and performance of cars to create small-scale delivery vehicles that will clear the way for smarter cities and a more sustainable tomorrow. By designing for the majority of short urban trips of less than 5 miles, Faction is deploying right-sized vehicles for their customers’ use cases in mobility and last mile logistics.
The company has assembled an experienced team previously responsible for the launch of driverless vehicles ranging from light EVs to full-size semi-trucks. Its team is comprised of engineers experienced in AI, vehicle systems, vehicle safety, big data, sensors, hardware, V2V communication, logistics, and more.
FinSMEs
26/10/2023