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Platform Science Raises $125 Million in Growth Capital

By: Platform Science via Business Wire

April 09, 2024 at 09:00 AM EDT

ⓘ This article is third-party content and does not represent the views of this site. We make no guarantees regarding its accuracy or completeness.

Leading connected vehicle platform accelerating momentum with OEMs, fleets and developers

Platform Science, the leading edge application platform for transportation, announced today that it raised $125 million in growth capital to accelerate innovation in the commercial transportation sector. Key strategic investors included C.R. England, Cummins, Daimler Truck, PACCAR, RyderVentures, and Schneider. New financial investors included Activant Capital, BDT & MSD Partners, and Manhattan Venture Partners. Platform Science also had strong participation from existing investors, including 8VC, NewRoad Capital Partners, and Prologis Ventures, underscoring their commitment to the company’s growth plans.

“By including our software as a native component of the vehicle, we’re making it as easy for developers to build applications for drivers and fleets as it is to build them for smartphones. By doing so, we expect innovation to change transportation in the same way smartphones have changed our lives,” said Platform Science co-founder and CEO Jack Kennedy. “This injection of capital enables us to accelerate our growth and capitalize on the opportunity we have to exponentially drive innovation in the commercial transportation sector. Our investors are strategically aligned with Platform Science and committed to helping us succeed. Their new and ongoing commitments are powerful testaments to our progress and opportunity.”

“Platform Science, together with its partners, is building an industry standard that will transform transportation. We look for opportunities that are driving impact at scale, and Platform Science is doing exactly this. We are strong believers in the team and their vision, and we are excited to partner with a company that is helping to modernize one of the most important components of GDP,” said Dan Bitar, Managing Director and Co-Head of MSD Growth, BDT & MSD Partners.

Platform Science’s Virtual Vehicle® is the first application platform that can unlock all signals at the edge directly on the truck without any aftermarket hardware installation. It is being deployed by many of the world’s largest commercial trucking fleets, including C.R. England, Covenant, Schneider, and Werner Enterprises. Fleets are able to leverage a best-in-class driver experience integrating an intuitive application ecosystem including solutions made by telematics providers, third-party developers, OEMs, shippers, and fleets themselves.

Platform Science’s Virtual Vehicle has rapidly become the de facto standard for connecting vehicles to all parts of the logistics ecosystem, generating over a trillion data points across 6 billion miles logged and resulting in 15 billion API calls annually.

Virtual Vehicle was developed in collaboration with Daimler Truck North America, Navistar, PACCAR, and other leading OEMs, as a solution for a flexible, consistent, cost-effective, open software platform that lives natively on a vehicle.

About Platform Science

Platform Science is transforming transportation technology by empowering enterprise fleets with a unified, user-friendly technology platform. Platform Science makes it easy to develop, deploy, and manage mobile devices and applications on commercial vehicles, giving fleets an edge in efficiency, flexibility, visibility, and productivity. The customizable platform delivers an unlimited canvas to fleets and developers seeking to innovate and create new solutions as customers' needs, businesses, and industries evolve. Platform Science was named by Fast Company as one of the World's Most Innovative Companies and has twice been ranked #2 in the FreightTech 25 Awards by industry news leader FreightWaves. For more information, please visit www.platformscience.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240409132110/en/

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