Platform Science has raised a whopping $125 million in growth capital to fuel its mission of transforming the commercial transportation sector. This investment is set to accelerate the launch of its cutting-edge software platform with additional truck manufacturers, paving the way for groundbreaking advancements in fleet management and vehicle connectivity.
Platform Science's platform, Virtual Vehicle, is revolutionizing the way fleets and drivers access telematics, software solutions, real-time vehicle data, and third-party applications directly from their vehicles. With this infusion of capital, the company aims to strengthen its partnerships with original equipment manufacturers (OEMs) beyond its existing collaboration with Daimler Truck North America (DTNA).
But the funds will also facilitate the expansion of Platform Science's vehicle ecosystem, bringing on board a diverse range of on-vehicle application and service partners. This strategic move promises to unlock new possibilities for innovation and efficiency in the transportation industry.
Among the strategic investors backing Platform Science's vision are industry giants like DTNA, Paccar, C.R. England, Cummins, RyderVentures, and Schneider. Additionally, the company has secured support from new financial investors, including Activant Capital, BDT & MSD Partners, and Manhattan Venture Partners.
The company last announced its Series C raise in 2022, led by SoftBank Vision Fund 2 for $115 million, valuing the company at $575 million. Platform Science has raised $309 million since 2017.
“This funding has the potential to help us accelerate the launch of additional OEM partners and it will enable us to accelerate the number of on-vehicle applications and service partners we add to the vehicle ecosystem,” Jack Kennedy, CEO of Platform Science said while continuing to elaborate on the success of its Virtual Vehicle platform that was developed in collaboration with DTNA, Navistar, Paccar and other OEMs.
Platform Science's CEO, Jack Kennedy, envisions a future where software seamlessly integrates into vehicles, making it as easy for developers to build applications for drivers and fleets as it is for smartphones. This bold vision has already garnered support from leading fleets like C.R. England, Schneider, Covenant Logistics, and Werner Enterprises, among others.
Virtual Vehicle, developed in collaboration with DTNA, Navistar, Paccar, and other OEMs, is poised to revolutionize the way fleets manage their operations. With Platform Science leading the charge, the future of commercial transportation is looking brighter than ever.
