Gatik has raised $200 million in Series D funding as the autonomous trucking startup prepares to expand its commercial driverless delivery operations. The financing comes two months after Gatik announced a multiyear agreement with PepsiCo and brings its total funding since emerging from stealth in 2019 to about $500 million.
The round was led by Qatar Investment Authority and Koch Disruptive Technologies, with participation from Millennium Management, ARK Invest, Intact Private Capital, and other investors. Gatik did not disclose its valuation.
Gatik Plans to Add Trucks, Staff, and Markets
The company said in its funding announcement that it has secured more than $600 million in contracted revenue. It has also completed 85,000 fully driverless orders with a 99% on-time delivery rate.
Co-founder and CEO Gautam Narang told TechCrunch that the investors involved in the round are long-term financial partners that can support Gatik’s expansion plans over the coming years. Those plans include adding driverless trucks, customers, and cities, with potential expansion beyond North America later.
Gatik currently has about 350 employees and plans to hire additional engineers and operational staff. The company also intends to enter new markets and expand within markets where it already operates.
Driverless Box Trucks Focus on Short-Haul Deliveries
Gatik has focused on middle-mile delivery, using autonomous box trucks manufactured by Isuzu Motors to transport goods between distribution centers and stores. Its operations started with fixed routes of less than 10 miles before expanding to dynamic routes with dozens of pickup and drop-off points covering as much as 400 miles.
The company has worked with customers including Loblaws, Kroger, Tyson Foods, and Walmart, which became its first publicly disclosed customer six years ago. Gatik removed safety drivers from its commercial routes last year and now operates dozens of fully driverless trucks across several markets.
Narang said Gatik’s third-generation autonomous trucks operate around the clock on surface streets and highways and can handle light rain and snow. The company has not disclosed its exact fleet size or identified all of its customers.
PepsiCo Partnership Includes 41 Driverless Trucks
Gatik’s largest publicly disclosed partnership is with PepsiCo. Under the agreement, 41 driverless box trucks transport Frito-Lay products including Cheetos and Doritos between distribution centers and stores in Dallas, Phoenix, and Northwest Arkansas.
The new capital will support further expansion of Gatik’s commercial fleet, technology, infrastructure, and workforce. Qatar Investment Authority also said the financing will help Gatik meet demand from retailers, grocers, and consumer packaged goods companies using its driverless freight network.
Featured image credits: Gatik
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