Platform Science, an application platform for transportation, announced that it raised $125 million in growth capital to accelerate innovation in the commercial transportation sector. The key strategic investors in this round included C.R. England, Cummins, Daimler Truck, PACCAR, RyderVentures, and Schneider. And new financial investors included Activant Capital, BDT & MSD Partners, and Manhattan Venture Partners. Platform Science also saw strong participation from existing investors, including 8VC, NewRoad Capital Partners, and Prologis Ventures.
Platform Science’s Virtual Vehicle is the first application platform that can unlock all signals at the edge directly on the truck without any aftermarket hardware installation. And it is being deployed by many of the world’s largest commercial trucking fleets, including C.R. England, Covenant, Schneider, and Werner Enterprises. Fleets can utilize a best-in-class driver experience by integrating an intuitive application ecosystem that includes solutions made by telematics providers, third-party developers, OEMs, shippers, and fleets themselves.
Platform Science’s Virtual Vehicle has rapidly become the standard for connecting vehicles to all parts of the logistics ecosystem, generating over a trillion data points across 6 billion miles logged and resulting in 15 billion API calls annually.
Virtual Vehicle was developed in partnership with Daimler Truck North America, Navistar, PACCAR, and other leading OEMs to provide a flexible, consistent, cost-effective, open software platform that lives natively on a vehicle.
KEY QUOTES:
“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. This injection of capital enables us to accelerate our growth and capitalize on the opportunity we have to exponentially drive innovation in the commercial transportation sector. Our investors are strategically aligned with Platform Science and committed to helping us succeed. Their new and ongoing commitments are powerful testaments to our progress and opportunity.”
– Platform Science co-founder and CEO Jack Kennedy
“Platform Science, together with its partners, is building an industry standard that will transform transportation. We look for opportunities that are driving impact at scale, and Platform Science is doing exactly this. We are strong believers in the team and their vision, and we are excited to partner with a company that is helping to modernize one of the most important components of GDP.”
– Dan Bitar, Managing Director and Co-Head of MSD Growth, BDT & MSD Partners
