Gatik, the Leader in Autonomous Middle Mile Logistics, Raises $25 Million in Series A Funding
PALO ALTO, Calif. – November 23, 2020 – Gatik, a Palo Alto and Toronto based autonomous technology company deploying autonomous vehicles for B2B short-haul middle-mile logistics, announced today it has raised $25 million in Series A funding. The round was co-led by Wittington Ventures and Innovation Endeavors with participation from FM Capital and Intact Ventures. Existing investors like Dynamo Ventures, Fontinalis Partners, AngelPad and others participated as well. Gatik’s investors bring a wealth of deep experience in automotive, artificial intelligence and supply chain, making them a strong strategic fit for the company’s rapid growth. Gatik will use the funding to further expand its operations across North America, its team size in Silicon Valley and growing presence in Canada.
“We went into the year with strong momentum from early customer partnerships and validation of our technology. We’re very proud of how we’ve supported our customers throughout this unpredictable year, and strengthened their supply chains with our product. We will leverage this new funding to continue expanding our retail partnerships and fleet deployments, grow our team and enhance our technology platform to lead the market in autonomous middle mile delivery,” said Gautam Narang, CEO and Co-founder of Gatik. “Throughout the year we saw an increase of 30-35% in orders from our customer base, and we expect this trend to continue. We will continue to bring autonomous delivery into the mainstream, driving substantial efficiencies in supply chain logistics for retailers across North America and beyond.”
Launched in 2017, the company has raised a total of $29.5 million and is well positioned to scale and support the rapid automation of retailers’ middle-mile operations. Gatik operates its fleet of vehicles 7 days a week, 12 hours a day, on routes up to 300 miles in multiple locations across North America. Gatik’s product delivers long-term business impact, enabling major retailers to save significantly on their middle-mile delivery costs, enhance supply chain efficiency and meet an unprecedented expectation for contactless delivery. Customers who previously had to wait for order fulfillment once every two days now have their orders filled once every two hours for a 24X increase in efficiency. Gatik has worked closely with its retail customers to design the right form factor to address increasingly demanding consumer needs, and now offers 10-26 ft Autonomous Box Trucks capable of transporting ambient, refrigerated and frozen goods and products.
In June 2019, Walmart (NYSE: WMT) announced operations with Gatik to automate their hub and spoke network, and to stay on the cutting edge of autonomous delivery. Gatik’s relationships with its customers showcase the company’s expertise in developing, operating and servicing autonomous delivery fleets for the largest retailers in the US and Canada. To date, Gatik has completed over 30,000 revenue-generating autonomous orders for multiple Fortune 500 customers in the US and Canada.
Rapidly increasing e-commerce sales and a shortage of drivers means businesses are struggling to meet the expectations of an increasingly on-demand economy. Gatik’s product provides a safe, efficient autonomous solution that enables retailers to address increasingly demanding consumer needs, reduce operating costs and keep delivery times short.
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
