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Connected vehicle solution Platform Science announced Thursday it has closed on $115 million in series C funding led by SoftBank Vision Fund 2 with participation from new investor Chimera and existing investors including 8VC, Daimler, Prologis, NextPlay and Four More Capital.
The company has raised $194.47 million since 2017 for its platform that helps commercial vehicles better manage and deploy applications including electronic logging devices, messaging programs and other workflow solutions. With its latest raise, Platform Science is now valued at $575 million, according to Pitchbook.
"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, who announced he will be joining Platform Science's board of directors.
"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. We are delighted to be partnering with [Platform Science CEO] Jack Kennedy and the team to help fleets future-proof their operations by making transportation smart," Boriss said.
| Funding details | Platform Science |
|---|---|
| Funding amount | $115 million |
| Funding round | Series C |
| Lead investor | SoftBank Vision Fund 2 |
| Secondary investors | Chimera, 8VC, Daimler, Prologis, NextPlay, Four More Capital |
| Business goals for the round | Expand sales and product capabilities |
| Post-money valuation | $575 million* |
| Total funding | $194.47 million |
*Pitchbook data
Platform Science's platform has been adopted by a number of large fleets, many of which are listed on FreightWaves' Top 500 Carriers list, including Werner Enterprises, Schneider National, Western Express and U.S. Xpress. It also has integrated with other commercial vehicle technology companies like Drivewyze, Samsung and Great Dane.
Its most recent partnership with its existing investor, Daimler Truck North America, has produced Platform Science's latest product, Virtual Vehicle. This open-access digital platform allows fleets to customize their software by giving telematics service providers, third-party developers and other connectivity partners access to real-time data from the vehicles.
Related: Virtual Vehicle opens door to the future of fleet, driver experiences
Available in Daimler's Freightliner Cascadias manufactured after Sept. 1, 2019, Daimler was the first original equipment manufacturer to begin equipping its vehicles with cloud-based, factory-installed telematics, according to Platform Science.
With Virtual Vehicle, "fleets can now choose software anytime they want, without the inconvenience and wasted investment in hardware that customers have historically had to deal with just to get new apps," said Kennedy, the co-founder as well as CEO of Platform Science.
With its new funds, Platform Science plans to continue expanding its customer base and building upon its current connected vehicle technologies, which recently won the company the No. 2 spot on FreightWaves' FreightTech 25.
"There is an urgent demand for new and innovative ways to increase visibility and efficiencies in the supply chain and improve driver experience, and this investment from our new and existing partners is going to power us to fill that need," explained Kennedy.
Watch now: Introducing Virtual Vehicle, the first open OEM platform
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