$85M Autonomous Middle Mile Logistics Funding to Scale Operations
PALO ALTO, Calif. – August 31, 2021 – Gatik today announced a new investment of $85 million in Series B funding. As a result, the company will significantly expand North America’s first autonomous Middle Mile logistics network. The round was heavily oversubscribed. Consequently, the total amount raised by Gatik now stands at $114.5 million.
The round is led by new investor Koch Disruptive Technologies (KDT). Notably, KDT is renowned for supporting high-growth companies that disrupt current market alternatives with demonstrated technology. Existing investors Innovation Endeavours, Wittington Ventures, FM Capital, Dynamo Ventures, Trucks VC, Intact Ventures and others also participated. Several strategic investors were added. Importantly, they will contribute their unique experience and expertise to advance Gatik’s mission.
“The logistics industry is experiencing unprecedented disruption driven by the explosive
growth of ecommerce, and demand for more efficient goods movement,” said Chase Koch, President of Koch Disruptive Technologies. “Nowhere is this more pronounced than on the Middle Mile. Gatik’s transformational autonomous technology and world-class team are defining the standard in B2B short-haul logistics by addressing the most prominent issues facing today’s supply chain. We believe Gatik will be the first to commercialize autonomous technology at scale for the North American medium-duty trucking market.”
How Autonomous Middle Mile Logistics Funding Will Be Deployed
Gatik will use the funding to advance its commercial-grade autonomous technology. In addition, it will scale its fleet of Class 3-6 multi-temperature Autonomous Box Trucks across new markets in North America. Furthermore, the company will grow with existing and new customers and substantially increase its team size.
Commercializing Autonomous Middle Mile Logistics at Scale
“With our exclusive focus on structured autonomy, we have unlocked lower costs,
shorter delivery times, and sustainable, reliable capacity for our customers today,” said Gautam Narang, CEO and Co-Founder, Gatik. “ Our long-term partnerships with the world’s largest retailers and strategic relationships with OEMs and fleet servicing & maintenance partners have allowed us to address critical supply chain challenges. As a result, we have built an industry-defining business. The financing now ideally positioned us to commercialize our solution at scale.”
Today’s funding announcement coincides with Gatik making public its operations in
Texas with multiple new customers. Since announcing its Series A financing in November 2020, Gatik has achieved a significant number of milestones. For example, it launched its new electric Autonomous Box Trucks with Walmart in Louisiana. Additionally, it secured an industry-first partnership with Isuzu to implement OEM-grade redundancies for medium duty trucks critical for fully autonomous operations. Gatik is the only company in North America offering Class 3-6 Autonomous Box Trucks. Importantly, these trucks are deployed for Fortune 500 customers and generate revenue with every order.
About Gatik
Gatik is in the business of autonomous freight. The company operates driverless trucks daily for Fortune 50 retailers, grocers and CPG companies, moving freight between distribution centers and stores across Texas, Arizona, Arkansas, and Canada. Gatik has a strong safety record across its operations and is powered by the Gatik Driver™, a scalable, interpretable AI system purpose-built to enable safe, consistent, and high-frequency freight movement. For more information, visit gatik.ai.
Forward-Looking Statements
This news release contains “forward-looking statements” that involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or Gatik’s future financial or operating performance. Forward-looking statements include information concerning possible or assumed future results of operations, including descriptions of our business plan and strategies, revenue targets and trends we expect to affect our business. These statements often include words such as “contracted,” “anticipate,” “believe,” “may,” “can,” “should,” “could,” “might,” “plan,” “possible,” “project,” “strive,” “budget,” “forecast,” “expect,” “intend,” “target”, “will,” “estimate,” “predict,” “potential,” “continue,” “scheduled”. Forward-looking statements may also be made, verbally or in writing, by members of our Board or management team in connection with this news release.
These forward-looking statements are based on management’s current expectations and beliefs. These statements are neither promises nor guarantees, but involve and are subject to known and unknown risks, uncertainties and other important factors that may cause Gatik’s actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements, including Gatik’s ability to execute on its growth plans, any failure to comply with laws, rules, regulations or business practices that Gatik may become subject to as a result of any expansion of its business resulting from the financing, including Gatik’s ability to successfully execute on its growth strategies and operating plans, achieve its targeted annualized contracted revenue, continue to develop its existing customer base, design and deploy an expanded fleet of trucks on behalf of customers, and diversify and expand into the market for autonomous logistics solutions. These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any forward-looking statement included in this press release speaks only as of the date of such statement. Except as required by law, Gatik disclaims any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise.
The securities described herein have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), and were offered and sold in a transaction exempt from registration under the Securities Act. The securities may not be offered or sold in the United States absent registration under the Securities Act or an applicable exemption from the registration requirements of the Securities Act.
This announcement does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful.
Gatik and the Gatik logo are trademarks of Gatik AI Inc. All other trademarks, service marks, and company names mentioned herein are the property of their respective owners.
Media Contact:
Aarthi Sivaraman
aarthi.sivaraman@gatik.ai
