Omnitracs Leads Series B Funding Round for Peloton Technology
Omnitracs, LLC, a global pioneer of fleet management solutions to transportation and logistics companies, announced today that it leads the $60 million Series B funding round for Peloton Technology, a connected and automated vehicle technology company. The investment furthers Omnitracs’ partnership with Peloton Technology and builds on previously announced plans to bring Peloton’s industry-leading truck platooning technology to Omnitracs’ customers.
As a leader in the transportation industry, Omnitracs has a history of identifying and investing in technologies that enable fleets to operate with more transparency, speed, safety and efficiency. Omnitracs has long recognized that the impact of Big Data, an ever-changing regulatory landscape, and the need for efficiencies in fuel management and routing can only be addressed through the introduction of new technologies that create competitive advantages for fleets.
The Series B investment from Omnitracs will help fuel Peloton’s growth plans, including the rollout of the world’s first commercial two-truck driver-assistive platooning system later in 2017, and the acceleration of vehicle integration projects with truck OEMs, Tier 1 brake system and connected-vehicle suppliers.
“We are excited to be working with a growing group of leading companies from across the industry as well as forward-looking state and federal regulators to bring pragmatic commercial truck automation solutions to market,” said Josh Switkes, co-founder and CEO of Peloton. “This new round of global strategic investment bolsters Peloton’s position as the leading provider of near-term automated truck technology in North America and soon beyond.”
Peloton’s flagship platooning system empowers drivers and trucking fleets to address three major industry challenges of safety, fuel savings and operational efficiency by delivering new tools, capabilities and data.
“The transportation industry is going through a massive change,” said Omnitracs CEO John Graham. “Macro-level trends like the Internet of Things, cognitive applications, faster delivery of goods and new levels of customer service are at the core of our new partnership with Peloton. We want to expand the possibilities of truck automation on the nation’s highways and set new standards in integrated dispatch, tracking and routing as well as driver-facing applications to maximize and optimize the orchestration of both same-fleet and cross-fleet platooning.”
In the next phase of their partnership, Omnitracs and Peloton will develop joint solutions that combine each company’s safety, efficiency and fleet management capabilities.
About Omnitracs, LLC
Omnitracs, LLC is a global pioneer of fleet management, routing and predictive analytics solutions for private and for-hire fleets. Omnitracs’ nearly 1,000 employees deliver software-as-a-service-based solutions to help more than 50,000 private and for-hire fleet customers manage nearly 1,500,000 mobile assets in more than 70 countries. The company pioneered the use of commercial vehicle telematics over 25 years ago and serves today as a powerhouse of innovative, intuitive technologies. Omnitracs transforms the transportation industry through technology and insight, featuring best-in-class solutions for compliance, safety and security, productivity, telematics and tracking, transportation management (TMS), planning and delivery, data and analytics, and professional services.
About Peloton Technology
Peloton is a connected and automated vehicle technology company dedicated to improving the safety and efficiency of U.S. and global freight transportation. Backed by ten Fortune Global 500 companies, Silicon Valley-based Peloton partners with customers to deliver innovative tools that save fuel, avoid crashes, and improve operational insight through connectivity, automation and advanced data analytics. Peloton’s flagship driver-assistive platooning system links the active safety systems of pairs of trucks, and connects them to a cloud-based Network Operations Center that limits platooning to appropriate roads and conditions. Peloton solutions also improve the safety of individual trucks by requiring best-in-class forward collision avoidance systems and other safety features that are active both in and out of platoon. For more information, visit www.peloton-tech.com and follow Peloton on Twitter @pelotontech.