NGP joins seven other Fortune Global 500 transportation and technology investors in Peloton
MOUNTAIN VIEW, Calif. & ANN ARBOR, Mich.–(BUSINESS WIRE)–July 22, 2015–
Peloton Technology, a developer of vehicle systems that deliver advanced safety, fuel savings and analytics to trucking fleets, today announced an investment by Nokia Growth Partners (NGP). NGP, an independent fund sponsored solely by Nokia, joins seven other Fortune Global 500 transportation and technology leaders investing in Peloton. The investment will accelerate Peloton’s development and deployment of truck platooning technology into the U.S. and international trucking industries. The NGP investment follows a $17 million oversubscribed Series A investment round co-led by DENSO International America and Intel Capital. Peloton will be showcasing its technology for truck automation, cloud monitoring and supervision at this week’s Automated Vehicle Symposium 2015 in Ann Arbor, Michigan (AVS15) (http://www.automatedvehiclessymposium.org/program/). The AVS15 gathering has assembled top global leaders and industrial players on the leading edge of connected and automated vehicle technology with Peloton joining other plenary presentations from Google, Stanford University, Nokia HERE, and others advancing vehicle automation.
Leveraging decades of mobile technology experience, NGP seeks opportunities to change the face of mobility and connectivity through growth stage investments. By investing in Peloton, NGP will help advance truck platooning technology that has the ability to reduce fuel use and improve safety while using existing infrastructure more efficiently. NGP complements existing investors by providing global perspective and industry networks, as well as expertise in mobile technology, mapping and navigation. Along with those mentioned above, Peloton has assembled a stellar group of investors from across transportation and technology including Magna International, Castrol innoVentures, Volvo Group Venture Capital, UPS Strategic Enterprise Fund, Birchmere Ventures, Sand Hill Angels, and Band of Angels.
“We are very pleased to work with Nokia Growth Partners,” said Peloton CEO Josh Switkes. “NGP’s expertise in mobile technology and navigation is a perfect match for Peloton’s vision of connected transportation.”
“We are delighted to join Peloton as investment partners,” said NGP Managing Partner Paul Asel. “Peloton’s ground breaking fleet platooning technology fits well with our Connected Car fund. Peloton has assembled an experienced team, investor group and advisors capable of bringing autonomous driving capacity to the trucking industry.”
The Peloton Truck Platooning System is a vehicle automation technology that has the potential to save lives and save fuel in today’s trucking operations. The System electronically couples pairs of trucks through a combination of vehicle-to-vehicle communications, radar-based active braking systems and proprietary vehicle-control algorithms. The direct communication link between the two trucks enables the rear truck to automatically react to acceleration or braking by the front truck nearly instantaneously. This automatic and immediate reaction improves safety and allows trucks to travel at closer distances, which improves aerodynamics and reduces fuel use on both vehicles. Peloton’s Cloud-based Network Operations Center continuously monitors individual truck safety and approves the linking of pairs of trucks only on suitable roads under appropriate weather, vehicle and traffic conditions. Drivers retain steering control and command of their vehicles at all times. The Peloton System integrates best-in-class active safety systems with cloud-based monitoring, making individual trucks safer at all times and delivering a rapid ROI to fleets via fuel efficiency.
In 2013, Peloton began demonstrating its Truck Platooning System with fleets and other transportation stakeholders in the U.S., where the trucking industry is worth $700 billion annually. The System is proven to reduce fuel consumption by 10% for the rear truck and 4.5% for the front truck, based on industry-standard SAE J1321 Type II fuel economy testing conducted by the North American Council for Freight Efficiency and a major Utah-based trucking fleet.
Peloton’s executive team includes founders Switkes; Principal Scientist Dr. Chris Gerdes, also currently Director of the Center for Automotive Research at Stanford; Chief Innovation Officer Dave Lyons, former Tesla Director of Engineering, IDEO Studio Head and Silicon Valley tech veteran; and VP External Affairs Steve Boyd, former White House Assistant Press Secretary, PBS producer/reporter and seasoned strategic business development executive. As Peloton’s VP Cloud Engineering, Ex-Yahoo and Oracle executive Chuck Price leads a team that includes Valley innovators in digital mapping, data engineering and the web, including key engineers from ebay, Yahoo, Oracle, DeCarta, and Dash. The Peloton vehicle engineering team includes key engineers from the DARPA automated vehicle challenges, Google, the VW Electronics Research Laboratory, General Motors, the Center for Automotive Research at Stanford and other automotive driver assistance, safety and vehicle control experts.
To date, the Peloton System has logged more than 14,000 platooning miles and been showcased in on-highway demonstrations, government, private and fleet tests in Nevada, Utah, Texas, Ohio, Florida and Michigan. Additional demonstrations and fleet trials are planned for 2015 and 2016.
About Nokia Growth Partners
NGP is an independent fund sponsored solely by Nokia investing in companies that are changing the face of mobility. NGP offers industry expertise, capital and an extensive network, enabling entrepreneurs to build disruptive, industry-changing companies and take them to the global market. With offices in the US, Europe, India and China, NGP extends the reach of companies making their products and services local everywhere. Visit http://www.nokiagrowthpartners.com for more information.
About Peloton Technology
Peloton Technology is a Silicon Valley-based vehicle automation company that is bringing new levels of safety, efficiency and analytics to freight trucking. Peloton employs vehicle-to-vehicle communications, active safety systems, vehicle control algorithms, and real-time monitoring to make individual trucks safer and enable platooning by pairs of tractor-trailers. Peloton systems also provide rich contextual data solutions for fleets and other transportation sector customers. Backed by eight Fortune Global 500 transportation and technology companies and other investors, Peloton is bringing its solutions to the $700 billion US trucking industry and international markets. Visit www.peloton-tech.com and follow us on twitter @pelotontech.
 (Source: American Trucking Associations, 2015).
Steve Boyd, 650-690-2035
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