Truck Software Developer Platform Science Raises $125M
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Platform Science raised $125 million in capital to accelerate the launch of its software platform with additional truck manufacturers, a spokesperson for the company said April 16.
The San Diego-based company’s platform, Virtual Vehicle, allows fleets and drivers to access telematics, software solutions, real-time vehicle data and third-party applications directly from vehicles.
The funds are set to be used to build upon partnerships with original equipment manufacturers beyond the one Platform Science has with Daimler Truck North America, the parent company of Class 8 truck brands Freightliner and Western Star, the spokesperson said.
Platform Science also expects the funds to accelerate the number of on-vehicle application and service partners in the company’s vehicle ecosystem, the representative said.
Today we announced $125 million in growth capital to accelerate our innovation in the commercial transportation sector. Together with our world-class partners, we are building an industry standard that will transform transportation.
Learn more: https://t.co/mNHcolqx6t pic.twitter.com/dRafkO9rfI — Platform Science (@PlatformScience) April 9, 2024
DTNA — the first of the major U.S. Class 8 truck OEMs to say it would integrate Platform Science’s Virtual Vehicle product in November 2021 — is one of a number of strategic investors in the software company.
The truck maker was one of the investors tapped in the latest funding round, as were fellow strategic investors C.R. England, Cummins, Paccar, RyderVentures and Schneider, the spokesperson said.
New financial investors included Activant Capital, BDT & MSD Partners and Manhattan Venture Partners.
Platform Science also had further backing from existing investors, including 8VC, NewRoad Capital Partners and Prologis Ventures.
“By including our software as a native component of the vehicle, we’re making it as easy for developers to build applications for drivers and fleets as it is to build them for smartphones. By doing so, we expect innovation to change transportation in the same way smartphones have changed our lives,” Platform Science CEO Jack Kennedy said.
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Alongside C.R. England and Schneider, fleets deploying Virtual Vehicle include Covenant Logistics and Werner Enterprises.
Schneider ranks No. 8 on the Transport Topics Top 100 list of the largest for-hire companies in North America. Werner Enterprises ranks No. 17, C.R. England is No. 28 and Covenant Logistics is No. 46.
Virtual Vehicle was developed in collaboration with DTNA, Navistar, Paccar and other OEMs.
Paccar said in January 2023 it was collaborating with Platform Science to integrate its software platform into its trucks. Platform Science inked a similar deal with Navistar in March 2022.
Previously, Platform Science raised $115 million in Series C funding in February 2022.
