Truck automation startup Peloton raises another $60 million
Peloton Technology, a startup working on truck automation tech used to create "platoons" of vehicles that travel together, said Wednesday it had raised another $60 million. The details of the funding round were first reported earlier this month by Bloomberg.
Key term to know: Platooning. It's the idea that you can use autonomous driving technology to string groups of trucks together. When the front truck brakes or speeds up, so does the truck behind it. The improved aerodynamics save fuel.
The gritty details: Peloton's $60 million Series B round was led by Omnitracs, a company that builds fleet-management software and that is already partnering with the startup. UPS Strategic Enterprise Fund and Volvo Group were among the prior investors who put more money in with the round.
Why it matters: Platooning is the start of a larger trend toward truck automation that will have major implications for long-haul truckers brought into the profession by the promise of a middle class job.