Self-Driving Startup Embark Raises $70 Million, Opens Freight Transfer Hubs For Robot Big Rigs
Embarktrucks is the leading autonomous freight delivery company in the world. They are building cutting-edge self-driving trucks that include highway autopilot, machine learning, high-resolution cameras, and high-end sensors technologies. In the last 18 months, Embarktrucks has leapfrogged into the leading position in the nascent self-driving truck industry. The $700B / yr trucking industry is a massive market opportunity and an exciting early application of self-driving technology. Embarktrucks currently operates the longest autonomous freight route in the world in partnership with Ryder (America’s largest truck fleet) and Electrolux (world’s largest appliance manufacturer).
Embark truck was founded in 2016 by Alex and Brandon. The team has always been fixated on robots and decided to use what they had learned at University of Waterloo and their first startup, Varden labs, to start Embark. The company initially started working on autonomous golf carts and quickly realized the technology could be used to create self driving trucks. The team has since then completed the first coast-to-coast test run by a self driving truck. Embark partnered with Frigidaire and Ryder to deliver smart fridges from Texas to California, a 650 automated freight route and now has since delivered from CA to FL as well. Embark already has a handful of trucks on the road—it had five rolling in July—operating on the I-10 between Phoenix and its logistics depot outside Los Angeles. Those trucks are generating revenue hauling loads daily for shippers including the appliance giant Electrolux.
Embark has raised over $100m in additional capital raised since Soma’s initial seed investment. Sequoia led Embark’s Series B ($120m value) followed by Tiger Global leading the companies recent series C round valuing the company at $550m . Soma was the first investor at a $6m valuation. Subsequent investors include Sequoia, YC Continuity, Tiger Global, SV Angel, Data Collective, and Maven Ventures.