Self-driving truck startup Gatik raises $200M following PepsiCo deal
The funding, Gatik's largest so far, was led by Qatar Investment Authority and Koch Disruptive Technologies.
Autonomous vehicle startup Gatik has secured $200 million in funding, following a multi-year commercial deal with PepsiCo. The round, led by Qatar Investment Authority and Koch Disruptive Technologies, brings the company's total funding to about $500 million since its inception in 2019. Gatik, headquartered in Santa Clara, California, has raised this largest round of investment to date, marking a new phase in its growth.
CEO Gautam Narang stated that the funds will enable the company to scale its operations further, while providing long-term investors to support its growth plans. The company has carved out a unique position in the autonomous vehicle industry by focusing on short-haul delivery using a fleet of driverless box trucks. This "middle-mile" delivery market is where Gatik has established itself as a dominant player, with notable customers including PepsiCo, Loblaw, Kroger, and Tyson Foods.
The company recently achieved a significant milestone of removing safety drivers from its commercial routes, allowing its trucks to operate independently. With its latest funding round, Gatik plans to expand its operations, adding more engineers and operational staff, as well as entering new markets.
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