Faction Technology, a South San Francisco, CA-based maker of light EV driverless fleets, raised $4.3M in seed funding.
The round, which follows an investment from Y Combinator and participation in their Winter 2021 startup batch, was led by Trucks Venture Capital and Fifty Years.
The company intends to use the funds to continue to expand its development efforts.
Founded in February 2020 and led by Faction CEO Ain McKendrick, Faction develops driverless solutions based on light electric vehicles to serve a range of use cases for both business and passenger transportation needs. With the ability to move cargo or allow for a rider, Faction vehicles are targeted for urban use cases where trips usually fall into the range of 3-5 miles. The company’s three-wheeled electric vehicles will typically weigh around 1,000 lbs and target over 150 MPGe.
FinSMEs
02/06/2021