Kodiak Robotics, an autonomous vehicle startup based in Mountain View, Calif., raised $40 million in Series A financing led by global investment firm Battery Ventures, Boston, Mass., and including participants such as CRV, Menlo Park, Calif.; Lightspeed Venture Partners, Menlo Park, Calif.; and Tusk Ventures, New York.
Kodiak Robotics will use the financing for product development and to expand its team.
“This financing, coming just three months after founding Kodiak Robotics, is a huge validation for our vision,” says Don Burnette, co-founder. “We believe self-driving trucks will likely be the first autonomous vehicles to support a viable business model, and we are proud to have the support of such high-profile investors to help us execute on our plan.”
As part of the financing, Itzik Parnafes, general partner at Battery Ventures, will join Kodiak’s board.
“Autonomous driving is likely one of the most major technology shifts of the last 100 years,” says Parnafes. “We have been researching this trend for several years, and feel confident we are backing an experienced, savvy team that can capitalize on the opportunity in a unique way.”
Kodiak Robotics develops autonomous vehicle technology for long-haul trucking.