Autonomous logistics company Venti Technologies has closed $28.8 million in funding.
Venti Technologies – a leader in autonomous logistics for global supply chain and industrial hubs – announced that it has secured $28.8 million in Series A financing. The funding round was led by LG Technology Ventures (the VC arm of the LG Group) with participation from Safar Partners, UOB Venture Management, and existing investors Alpha JWC and LDV Partners. The funding round will be used to accelerate Venti’s growth and meet increasing demand from customers worldwide.
Venti was founded in 2018 by a group with strong MIT roots, including Chief Executive Officer Dr. Heidi Wyle, Chief Scientific Officer Dr. Xinxin Du, an MIT electrical engineering and computer science professors Daniela Rus, Director, Computer Science and Artificial Intelligence Laboratory (CSAIL) and MacArthur Fellow, and Saman Amarasinghe.
What Venti Does
Every year, there are trillions of dollars of goods passing through the global supply chain and industrial hubs: ports, airports, factories, warehouses, and depots. These hubs deal with major challenges such as driver shortages, supply disruptions, and safety concerns.
Venti’s full-scope autonomy solutions require no change to existing infrastructure and work with any vehicle in any logistics or industrial hub. And after 3 years of development in one of the world’s largest container ports, the company’s fleets can navigate complex environments and heavy traffic, with unmatched precision and the ability to park 45-foot tractor-trailers accurately down to one inch.
KEY QUOTES:
“With this new round of funding, we are well-positioned to broadly deploy our autonomous logistics solutions to power safer and more efficient global supply chains and industrial yards. Our autonomous vehicles have industrial-grade precision in everyday operating environments and are already successfully in use. We have the potential to revolutionize goods transportation and are excited to be working with partners around the world to make this vision a reality.”
— Heidi Wyle, Founder and CEO
“Venti is solving real-world problems for large customers in huge markets with technology that has proven safe, mature and capable of near-term driverless deployment. We are impressed not only by the technology, which is more complete and rapidly able to provide value to end customers, but also by the world-class team.”
— Anshul Agarwal, Managing Director at LG Technology Ventures
“Venti represents exactly the kind of opportunity that appeals to Safar: best-in-class technology developed by leading minds from the world’s top universities working to develop innovative, implementable solutions that address real-world market needs. We enthusiastically support Venti in scaling its operations and demonstrating its value to a wider cast of partners and customers worldwide.”
— Arunas Chesonis, Managing Partner at Safar Partners
