The US- and Asia-based Venti Technologies, a safe-speed autonomous mobility company, has announced an US$8 million seed funding round from LDV Partners and Alpha JWC Ventures.
The investment will further Venti’s capability in fulfilling new and existing customer agreements with global ports operator PSA Corporation, automotive manufacturer SAIC Volkswagen and SAIC-GM, automotive logistics provider SAIC Anji Logistics Tech, and real estate developer and operator Seedland.
Representatives of the two lead investors, Lake Dai, partner at LDV Partners, and Chandra Tjan, co-founder and general partner at Alpha JWC are joining the Venti Board, expanding it to five members.
While LDV Partners is a deep tech VC firm that focuses on ground-breaking technical teams, this marks Alpha JWC Ventures’ first investment in autonomous vehicles, which the firm believes to be a “game-changer” and “a first for Asia”, among 28 deals fuelled by its US$123 million funds so far.
“Venti’s founders, vision, product, and track record so far have been astonishing, and we are very excited to work together to revolutionise the autonomous vehicle industry and achieve huge success on a global basis together,” Tjan said.
Founded in 2018 by a clutch of MIT professors in computer science, artificial intelligence, and electrical engineering, Venti Technologies employs mathematical modelling and theoretically grounded algorithms to ensure safety, reliability, cost-effectiveness and top performance. The technology leverage driverless vehicles in safe speed applications including, ports, airports, factories, warehouses, mining, agriculture and communities.
“We are delighted with the partnership and support these influential investors are providing Venti as we scale our operations and build our base globally, including targeting growth opportunities in Asia, Europe, and the U.S.,” said Heidi Wyle, PhD, founder and CEO of Venti. “Their understanding of our innovative technology and huge markets make them particularly powerful partners.”
As the digital transformation in the logistics industry is accelerated by the pandemic, the logistics automation market is gaining steam with the emergence of IoT, exponential growth in the eCommerce industry, advancements in robotics, and the growing need to ensure workforce safety. Marketsandmarkets forecasts that the global logistics automation market size is projected to grow from US$48.4 billion in 2020 to US$88.9 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 10.6 per cent.
Image Credit: Venti
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