Truck Platooning Startup Secures More Funding

Mountain View, Calif.-based Peloton Technology says it raised $60 million through a second round of financing for its commercial truck platooning technology.

The money will be used to help launch the company’s driver-assist platooning system later this year and fund the development of next-generation systems. Peloton says several U.S. truck fleets plan to trial the system within the next year.

Omnitracs LLC, a Dallas-based fleet management specialists, led the second round of funding. It will work to integrate its existing telematics platform with Peloton’s platooning system and to jointly develop new telematics applications.

Existing investors Denso, Band of Angels, Birchmere Ventures, BP Ventures, Intel, Lockheed Martin, Nokia Growth Partners, Sand Hill Angels, UPS and Volvo Group also contributed to the new round of funding along with several new investors. Intel led last year’s first round of funding, which totaled $17 million.

Peloton says it is accelerating vehicle integration projects with Volvo and other truckmakers. The company also is working with connected-vehicle companies and an unnamed brake supplier.