Gatik secures $200 million in funding as autonomous freight market accelerates
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AV trucks are parked in a Gatik AI facility at AllianceTexas, a 27,000 acre business complex boasting some of the country’s largest freight operations, in Fort Worth, Texas, U.S., May 18, 2022. Picture taken May 18, 2022. REUTERS/Cooper Neill
Aug 25 (Reuters) - Gatik has raised $200 million in Series D funding, the autonomous trucking startup said on Tuesday, as interest in driverless commercial freight surges in North America and Europe.
The funding round was led by Qatar Investment Authority and Koch Disruptive Technologies, with participation from Millennium Management, ARK Invest and Intact Private Capital, among others.
Here are some details:
• Gatik said it has generated more than $600 million in contracted revenue and completed 85,000 fully driverless orders across its operations.
• The capital will be used to expand Gatik's commercial operations and fleet, while it continues to invest in technology, infrastructure and its workforce to meet rising customer demand, a company spokesperson told Reuters.
• "We have built Gatik with real revenue, deep customer demand, and AI-driven autonomous technology proven every day in live supply chains," Gatik CEO and Co-Founder Gautam Narang said.
• The startup said it moves freight between distribution centers and stores across Texas, Arizona and Arkansas in the U.S. and in Canada and is targeting more than 100 driverless trucks by the end of 2026, according to a spokesperson.
• Gatik declined to disclose its valuation but said it is operating in some of the largest supply chains in North America, including PepsiCo in the United States and Loblaw in Canada.
• "Autonomous freight is transforming the global logistics industry, making it more efficient and reliable," said Abdulla Al-Kuwari, head of industrials at QIA.
(Reporting by Abhirup Roy in San Francisco and Prathik Jayaprakash in Bengaluru; Editing by Pooja Desai)
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