Platform Science will be expanding the reach of its Virtual Vehicle transportation solutions and make it easier for commercial fleets to develop, deploy and manage mobile devices and applications thanks to $115 million of Series C funding, led by SoftBank.
“Logistics and fleet management technology has not kept up with the innovation each of us has come to take for granted in the form of the smart phones most of us carry,” said Platform Science co-founder and CEO Jack Kennedy.
“Finally, our platform has changed this equation by making it as easy to develop applications for trucks and cars as it is for smartphones,” Kennedy added. “The result is that today’s fleet managers now are experiencing that same explosion in choice consumers have become accustomed to.”
The fleet management platform will also meet an “urgent demand” to increase visibility and efficiencies in the supply chain. “Our platform breaks down the barriers that have historically created friction in the supply chain and provides developers with a connected channel to distribute their innovative solutions at scale,” Kennedy said.
The funding round was led by SoftBank Vision Fund 2 and included participation from Chimera, as well as existing investors 8VC, Daimler, Prologis, NextPlay and Four More Capital.
“Logistics is the backbone of the global economy but the majority of its vehicle fleets are still powered by legacy software that is highly fragmented,” said David Boriss, director at SoftBank Investment Advisers. “We believe that Platform Science is the first company creating a platform that unifies hardware solutions and software operating systems in this sector. This offers flexibility and delivers an unlimited canvas to fleets and developers seeking to innovate and create new solutions as the industry evolves.”
Boriss will also join the Platform Science board of directors.
Virtual Vehicle Platform
Platform Science launched its Virtual Vehicle platform in November 2021. Developed in collaboration with Daimler Truck North America, Virtual Vehicle is the first open OEM platform to use cloud, edge and in-dash technology to provide native in-vehicle mobile technology enabling fleets to access telematics, software solutions, real-time vehicle data and third-party applications directly from their vehicles. The customizable platform also allows developers to innovate and create new solutions as customers’ needs, businesses and industries evolve.
“Now, fleets can easily deliver, change and even create applications and services for their drivers and stakeholders, while our platform provides developers with a connected channel to distribute their applications,” Kennedy said.
Platform Science works with many leading carriers, including Schneider National, Werner Enterprises, and U.S. Xpress, Inc., among others, as well as with technology leaders such as Drivewyze, Samsung, and Great Dane.
In 2021, the company was ranked second in the FreightTech 25 Awards by trucking industry news leader FreightWaves.
Kennedy said this latest investment round is going to “supercharge” Platform Science’s marketplace capabilities “to bridge the gap between problem and solution in logistics.”
“We are well-positioned to build on our market-leading position and scale our software and telematics hardware solutions to more fleets resulting in greater efficiencies, lower costs and, most important, an improved driver experience,” he added.
Headquarters: La Jolla
Funding: $115 Series C
Notable: Platform Science-equipped vehicles have travelled over 100 million miles combined.