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SIP Global Partners Announces Participation in $125M Series B round for Kodiak Robotics, a Developer and Operator of Autonomous Class-8 Trucks
Oversubscribed Series B Round includes investments from Lightspeed Venture Partners, Battery Ventures and CRV, and will be used for the hyper-growth of autonomous trucking operations
NOVEMBER 10, 2021
NEW YORK — (PRWeb) — SIP Global Partners, a dual-headquartered US-Japan VC firm investing in early-stage transformative technology, announced today its investment in Kodiak Robotics, Inc. SIP participated in the oversubscribed $125M Series B round, which included investment from Lightspeed Venture Partners, Battery Ventures, CRV, StepStone Group, Walleye Capital and Aliya Capital Partners.
Kodiak is a developer and operator of autonomous Class-8 trucks. The company has developed industry- leading autonomous technology and was the first to announce disengage-free freight deliveries. Kodiak operates commercial routes in Texas, as well as operations testing in both Texas and the San Francisco Bay Area.
“We are extremely positive about Kodiak’s strength in autonomous trucking,” stated Jeffrey Smith, General Partner of SIP GP. “We see extraordinary market potential for Kodiak’s technology and operations in Japan, ASEAN and MENA and we look forward to working with the team to achieve that global success.”
Kodiak’s sector leading technology and real world commercial delivery track record have driven recent investments from industry leaders Bridgestone and BMW i Ventures. Bridgestone has also finalized a partnership to integrate its smart sensing tire technology within Kodiak’s fleet.
Kodiak’s team is the strongest in the industry, with senior technological leaders from Google, Waymo, Uber, Otto, Aptiv, and Lyft. Industry veteran and CEO, Don Burnette, previously worked at Google (Waymo) before co-founding Otto, an autonomous trucking start-up. Otto was subsequently acquired by Uber in 2016, before the company’s focus returned to self-driving cars.
“SIP’s investment in Kodiak is critical in helping us grow our operations and continue to develop our industry leading self-driving technology,” said Don Burnette, Co-founder & CEO, Kodiak Robotics. “SIP has welcomed us into its family and has already begun opening doors for us in Asia, leveraging its deep roots in the world’s largest trucking market.”
Kodiak is a leader in the autonomous mobility space, which is expected to grow at a CAGR of 20.5% to $70.5B by 2027 (Acumen). In particular, middle-mile long haul trucking companies have raised significant financing rounds over the last few years. The space has seen favorable exit opportunities, with valuations of similar companies tracking $10B+ following IPO.
About SIP Global Partners
SIP Global Partners invests in transformative US technology startups poised for large scale growth in Asia. SIP leverages its dual-headquarters in the US and Japan, its principals’ 40-year history of building global companies and unique market access to accelerate growth for portfolio companies in Asia, including Japan, ASEAN and MENA.