Venti Technologies, a start-up that provides autonomous logistics for global supply chain and industrial hubs, has announced that it has secured US$28.8m (£23.1m) in a Series A funding round.
The round was led by LG Technology Ventures, a Silicon Valley-based venture capital arm of the LG Group, with participation from Safar Partners, UOB Venture Management, and existing investors Alpha JWC and LDV Partners. The funding will be used to accelerate Venti’s growth and meet increasing demand from customers worldwide.
“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,” said Heidi Wyle, founder and CEO of Venti.
“Our autonomous vehicles have industrial grade precision in everyday operating environments and are already successfully in use. We have the potential to revolutionise goods transportation and are excited to be working with partners around the world to make this vision a reality.”
Every year, trillions of dollars of goods pass through global supply chains and industrial hubs, all of which face an array of challenges that can be potentially costly to firms.
Venti claims its full-scope autonomy solutions can be implemented without changing a site’s existing infrastructure and help address some of these issues.
The company reports that it has spent three years developing one of the world’s largest container ports and that its fleets can navigate complex environments and heavy traffic, with precision and the ability to park 45-foot tractor-trailers with accuracy down to one inch.
“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,” said Anshul Agarwal, managing director at LG Technology Ventures.
“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.”