Peloton Technology, today announced the closing of a $60 million Series B funding round. Omnitracs, led the round, which also included 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.
Commercial Truck Fleet Focus
Peloton has raised a total of $78 million since inception. Series B funds will fuel Peloton’s growth plans, including the rollout of the world’s first commercial two-truck driver-assistive platooning system later in 2017, as well as development of more advanced automation solutions.
Peloton’s flagship platooning system empowers drivers and trucking fleets to address three major industry challenges of safety, fuel savings and operational efficiency by delivering new tools, capabilities and data.
Vehicle and Technology Industry Collaboration
Boosted by the new investment, Peloton is accelerating vehicle integration projects with several truck OEMs, including Volvo Trucks North America, a part of investor Volvo Group, as well as Tier 1 brake system and connected-vehicle suppliers. The Peloton investor includes a variety of global companies, enabling Peloton to collaborate extensively to bring its solutions to international markets. Intel, a co-leader on Peloton’s 2015 Series A round, announced in November 2016 that it will invest $250M in automated driving solutions.