Friday, July 24, 2015

Peloton Finds $17M Funding Smart, Connected Trucking Systems

Mountain View-based Peloton Technology, which is developing vehicle systems to help improve safety and fuel savings to trucking fleets, said this week that it has raised $17m in a Series A funding. The funding was co-led by DENSO International America and Intel Capital, and also included a strategic investment by Nokia Growth Partners (NGP), as well as backing from Magna International, Castrol innoVentures, Volvo Group Venture Capital, UPS Strategic Enterprise Fund, Birchmere Ventures, Sand Hill Angels, and Band of Angels. Peloton develops connected vehicle automation technology, which connects pairs of trucks with vehicle-to-vehicle communications--connecting braking and acceleration of those trucks in a direct communications link--which allows them to travel at close distances, improving aerodynamics and fuel use. The company's technology enables "drafting" of trucking vehicles--which reduces drag--to save fuel, while maintaining safety, which is commonly used by bicycle "pelotons" for similar reasons.