Venti Technologies, a Singapore-based firm in autonomous logistics for global supply chain and industrial hubs, has announced that it has secured $28.8 million in a Series A financing.
The financing round was led by LG Technology Ventures, the 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, Venti Technologies said in a statement.
According to the statement, the funding will be used to accelerate Venti Technologies’ 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 Chief Executive Officer of Venti Technologies.
“Our autonomous vehicles have industrial grade precision in everyday operating environments and are already successfully in use,
“We have the potential to revolutionize goods transportation and are excited to be working with partners around the world to make this vision a reality,” he added.
Venti Technologies is a world leader in autonomous logistics for the global supply chain and industrial hubs: ports, airports, warehouses, factories and depots.
Founded in 2018 by a team with strong roots at MIT, the company is pioneering the future of transportation for moving goods.
Its highly flexible and industrial grade precision technology enables rapid deployment and best-in-class safety and operational efficiency for customers.
It is noted that each year, trillions of dollars of goods pass through global supply chain and industrial hubs – ports, airports, factories, warehouses and depots.
These hubs face key challenges such as driver shortages, supply disruptions and safety concerns.
Venti Technologies’s full-scope autonomy solutions require no change to existing infrastructure and work with any vehicle in any logistics or industrial hub.
After three years of development in one of the world’s largest container ports, the company’s fleets can navigate complex environments and heavy traffic, with unmatched precision and the ability to park 45-foot tractor-trailers accurately down to one inch.
“Venti Technologies 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,” he added.
LG Technology Ventures established in 2018 in Silicon Valley, is the venture capital investment arm of the Korea based LG Group.
The firm manages over $500 million of fund assets and invests in early-stage start-ups in artificial intelligence, mobility, electrification, advanced materials, climate technologies, life-sciences, next generation display, XR, Web3, mobile and 5G.
Arunas Chesonis, Managing Partner at Safar Partners, said Venti Technologies represents exactly the kind of opportunity that appeals to Safar: best-in-class technology developed by leading minds from the world’s top universities working to develop innovative, implementable solutions that address real world market needs.
“We enthusiastically support Venti in scaling its operations and demonstrating its value to a wider cast of partners and customers worldwide,” he added.
Safar Partners is a seed- to growth-stage venture fund investing primarily in technology companies out of MIT, Harvard, and the University of Rochester.
Safar invests in platform technologies in the cleantech and advanced materials, AI/IT and robotics, and life sciences/medical device areas.