Gatik, a Palo Alto, CA and Toronto, Canada-based autonomous technology company deploying autonomous vehicles for B2B short-haul middle-mile logistics, raised $25m in Series A funding.
The round was co-led by Wittington Ventures and Innovation Endeavors with participation from FM Capital and Intact Ventures and existing investors Dynamo Ventures, Fontinalis Partners, AngelPad and others participated as well.
The company, which has raised a total of $29.5m, will use the funding to further expand its operations across North America, its team size in Silicon Valley and grow presence in Canada.
Launched in 2017 by Gautam Narang, CEO, Gatik delivers ambient, refrigerated and frozen goods and products using autonomous vehicles (10 – 26 ft autonomous box trucks). The company focuses on short-haul, business to business (B2B) logistics for the retail industry, enabling its customers to optimize their hub-and-spoke supply chain operations, enhance inventory pooling across multiple locations, reduce labour costs and meet demand for contactless delivery.
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. To date, the company has completed over 30,000 revenue-generating autonomous orders for multiple Fortune 500 customers in the US and Canada. In June 2019, Walmart (NYSE: WMT) announced operations with the company to automate their hub and spoke network.
FinSMEs
23/11/2020