Gatik raised $200 million for its driverless middle-mile freight software
The Series D, led by the Qatar Investment Authority and Koch Disruptive Technologies, came with the first hard operating numbers Gatik has published for its driving stack.
Gatik said on August 25 that it had raised $200 million in a Series D round led by the Qatar Investment Authority and Koch Disruptive Technologies, with Millennium Management, ARK Invest and Intact Private Capital taking part. The company said the securities were sold in a transaction exempt from registration under the Securities Act.
The announcement carried operating figures the company has not previously disclosed. Gatik said it holds more than $600 million in contracted revenue, has completed 85,000 fully driverless orders, and runs at 99 percent on-time delivery. It said its driverless trucks operate in Texas, Arizona, Arkansas and Canada, describing the current fleet as dozens of vehicles and saying it expects thousands in the years ahead.
The company’s platform is the Gatik Driver, which it describes as a scalable and interpretable artificial intelligence system. Gatik operates short, repeated routes between distribution centers and retail locations, a segment it calls the middle mile, rather than long-haul trucking or passenger service.
Chief executive and co-founder Gautam Narang was quoted alongside representatives of the Qatar Investment Authority, Koch Disruptive Technologies and ARK Invest.
Source: Gatik